A quick illustration made in Blender :
Original ArtStation post : https://www.artstation.com/artwork/OGbldy
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So it is… or isn’t. 
I don’t understand 
You mean because the cube is mostly white ?
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In my experience, a “color cube” usually tries to represent swatches of colors in 3d space, with each of the 3 axes devoted to one of the primaries RGB… the spatial coordinates become the recipe for the color to show at that point in space.
Here you have a mostly white (blank) cube, but it has the character for “Color” written boldly across it… so your mostly blank cube is in fact Color-full and Color-less at the same time.
I thought you were making a surrealist joke. 
edit:
See also Schrödinger’s Cat.
Riddle: what gets bigger the more you take away?
Answer: a hole.
If you put many Empties into a Cube… are you Filling it, or Emptying it?
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Ah I see, I guess it can be interpreted that way too XD
I featured you on BlenderNation, have a great weekend!
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