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Remember NFTs? The crypto assets known as non-fungible tokens were all the rage at the start of the decade, but they now seem like relics from a strange, distant time. A new BBC documentary takes us back to the NFT gold rush of late 2021 to tell the story of an apparent scam that took the fun out of non-fungible and exposed the flimsiness of the fad.
The Stormtrooper Scandal revolves around an online auction of NFTs based on Star Wars stormtrooper headgear designed by artists such as Damien Hirst and Anish Kapoor. The sale, organised by Ben Moore — a curator who had originally commissioned the customised helmets for a 2013 charity project — generated millions in seconds. It quickly transpired, however, that Moore had not asked all of the artists for their consent, nor in some cases did he own copyright allowing him to do so.
The artists interviewed in this narratively compelling yet conventionally formatted film describe their indignation at having their reputations exploited by Moore and their work reduced to a gimmick. But many of those who invested in these unlicensed NFTs lost life-changing amounts of money when the entire “Art Wars” collection was pulled from crypto trading site OpenSea after threats of legal action from the artists. And though the buyers acknowledge the obvious risks of engaging in a virtual, unregulated market, they say they feel misled by Moore.
That impression is partially informed by Moore’s own candour and striking lack of contrition in the documentary. While he freely admits that the prospect of making a quick buck led him to take shortcuts and collaborate with some shady characters, he insists here that “it was not my intention to do a scam”. This is perhaps not the mea culpa that he thinks it is.
At times the film does too little to challenge Moore’s blasé attitude and too much to indulge his bad-boy schtick (there are bizarre shots of him dancing between interviews in his stormtrooper helmet). But it concludes on a more sober and satisfying note: as disputes continue with both the artists and Star Wars rights holder Lucasfilm, we see Moore sell his Bentley to help cover spiralling legal costs. As for the remaining auction proceeds, Moore claims he lost most of them in a crypto crash. He may find that sympathy is in short supply.
★★★☆☆
BBC2 on June 20 at 9pm
