Had this film been released in the 1980s, it likely would have vanished entirely, existing only in rumors and magazine clippings. However, the film was produced in the 1990s, on the cusp of the digital revolution. While the studio tried to suppress it, VHS screeners and promotional copies had already been distributed.
However, contrary to the "ashcan copy" rumors, the cast and crew were under the impression they were making a legitimate film. They shot the movie in earnest, creating a campy, earnest adaptation of Marvel’s "First Family." The film features the team's classic origin story—Reed Richards (Alex Hyde-White), Sue Storm (Rebecca Staab), Johnny Storm (Jay Underwood), and Ben Grimm (Michael Bailey Smith)—battling the villainous Doctor Doom (Joseph Culp). Fantastic Four 1994 Internet Archive
To understand why this movie exists, you have to go back to 1986. A German producer named Bernd Eichinger, head of Constantin Film, had a dream. He wanted to bring Marvel's First Family, the Fantastic Four, to the big screen. He purchased the film rights from Marvel Comics, paying an initial $250,000 for a ten-year option. Had this film been released in the 1980s,