NFTs
The Stormtrooper Scandal TV review – the dark side of NFT art exposed
Unlock Editor’s Digest for free
FT editor Roula Khalaf selects her favorite stories in this weekly newsletter.
Remember NFTs? Cryptographic assets known as non-fungible tokens were all the rage at the start of the decade, but now they seem like relics of 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-fungibles and exposed the fragility of the fad.
The Stormtrooper scandal revolves around an online auction of NFTs based on Star Wars Stormtrooper Helmet designed by artists such as Damien Hirst and Anish Kapoor. The sale, organized by Ben Moore – a curator who originally commissioned the custom helmets for a charity project in 2013 – generated millions in seconds. It was quickly discovered, however, that Moore had not sought the consent of all the artists, nor in some cases did he possess the copyright that allowed him to do so.
The artists interviewed in this narratively compelling but conventionally formatted film describe their outrage 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 removed from crypto trading site OpenSea following threats of legal action by the artists. And while buyers recognize the obvious risks of engaging in an unregulated, virtual marketplace, they say they feel misled by Moore.
This impression is partly informed by Moore’s own frankness and the documentary’s striking lack of contrition. Although 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 commit fraud.” This is perhaps not the mea culpa 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 style (there are bizarre scenes of him dancing between interviews in his stormtrooper helmet). But it concludes on a more sobering and satisfying note: As disputes continue between the artists and Star Wars rights holder Lucasfilm, we see Moore sell his Bentley to help cover mounting legal costs. As for the remaining auction profits, Moore claims he lost most of them in a crypto crash. He may find that sympathy is in short supply.
★★★☆☆
BBC2 on June 20th at 9pm