The film was described in its press release as a "true-crime comedy bolstered by a cast of whistleblowers, victims, and insiders going beyond the spectacle to uncover the power of FOMO and an ecosystem of enablers, driven by profit and a lack of accountability in the digital age.

It was set to be directed by Julia Willoughby Nason and Jenner Furst, and executive produced by Michael Gasparro, John Amato, Dana Miller, Angela Freedman, and Sharmi Gandhi.

[7] In a positive review, Nick Allen of RogerEbert.com gave the film a rating of 3½ out of 4 stars, writing: "Fyre Fraud does not just dunk on McFarland, Ja Rule, and anyone who might be complicit—they’re clowns already, their plainly not-smart choices and astounding arrogance making for super-size schadenfreude.

"[8] In a similarly favorable analysis, Decider's Joel Keller commended the film and recommended that viewers stream it, declaring: "Fyre Fraud is a fascinating examination of social media influencers, millennials who get hooked on their feelings of FOMO, and a modern-day con artist who will likely learn nothing from this or his prison sentence.

"[9] In a more mixed assessment, Brian Tallerico of Collider gave the film a "B−" grade and said: "With a bit more polish and a bit more confidence, Fyre Fraud would be a powerful documentary that used Fyre Festival as a springboard for a more incisive examination of fraud in the age of social media, using the festival as a metaphor for expectations versus reality, which (as my wife astutely pointed out), is a mirror for how social media tends to function.