No. It's old folklore, like Fairies and Trolls. Never Ending Story, lol...
Wiki-
In
folklore, a
will-o'-the-wisp,
will-o'-wisp or
ignis fatuus (pronounced
[ˈiɲis ˈfatu.us];
Medieval Latin for "fool's fire") is an
atmospheric ghost light seen by travelers at night, especially over
bogs,
swamps or
marshes. The phenomenon is known in English
folk belief,
English folklore and much of
European folklore by a variety of names, including
jack-o'-lantern,
friar's lantern,
hinkypunk and
hobby lantern, and is said to mislead travelers by resembling a flickering lamp or
lantern.
[1] In literature, will-o'-the-wisp sometimes have a metaphorical meaning, e.g. describing a
hope or goal that leads one on but is impossible to reach, or something one finds sinister and confounding.
[2]
Will-o'-the-wisp appears in folk tales and traditional legends of numerous countries and cultures; notable will-o'-the-wisp include
St. Louis Light in
Saskatchewan,
Marfa lights of
Texas, the
Naga fireballs on the
Mekong in
Thailand, and the
Hessdalen light in
Norway. While
urban legends, folkore, and
superstition typically attribute will-o'-the-wisps to
ghosts, fairies, or elemental spirits, modern science often explains them as natural phenomena such as
bioluminescence or
chemiluminescence, caused by the
oxidation of
phosphine (PH3),
diphosphane (P2H4), and methane (CH4) produced by
organic decay.