Catch up TV

Episode 26 June 2024

This stranger-than-fiction documentary uncovers the tale of an audacious get-rich-quick scheme from inside the art world. \n\nWhen a London-based curator and artist called Ben Moore announced in 2021 that he was about to launch a sale of digital artworks known as NFTs, with images based on the iconic stormtrooper helmets from Star Wars, interest was sky-high. In the Covid lockdowns, NFTs had become the latest investment phenomenon, with some pieces selling for millions. This sale had the potential to be one of the most lucrative to date; not only was there the connection to a world-famous movie franchise, but individually customised helmets by some leading contemporary artists, such as Damien Hirst and the Chapman Brothers, appeared to be included. \n\nWhen the sale went live on 6 November 2021, the 1,138 NFTs in the collection sold out within seconds. Ben and his fellow organisers became instant cryptocurrency millionaires. \n\nBut within days, it became clear that all was not what it seemed. Disgruntled collectors began to air their dismay at the poor quality of some of the NFTs, and rumours started to circulate that many of the featured artists were not even aware their artwork was included in the sale. Despite the emerging problems, there was healthy post-sale trading – with hundreds of the NFTs being bought and sold for the crypto equivalent of tens of thousands of pounds each. Ben and his colleagues made 5 per cent on the value of every single of these trades - an income stream they were determined to keep going as long as possible. \n\nDespite their efforts to keep things on track, over the next few weeks the sale unravelled in spectacular style. Aggrieved artists demanded their work be removed, Lucasfilm (now part of Disney) waded in, and the NFTs were rendered worthless. For the collectors who felt duped into wasting thousands, Ben became their public enemy number one. \n\nThe film has access to key figures at the heart of the story, including Ben Moore, the charismatic London curator, as well as artists who had their work featured without their knowledge - including Jake Chapman, D*Face and Chemical X. Collectors who were caught up in the frenzy – before being left with nothing - also tell their side of the story. \n\nThe Stormtrooper Scandal is a story of speculation, greed and betrayal that played out on a new digital frontier – an unregulated world of art that doesn’t physically exist, traded in cryptocurrency, where the participants are often known only by their online handles, and where appearances can be deceptive. But was this a scam or a well-intentioned bid to make a fast fortune that spiralled out of control?

Source: BBC 2