No, the Fortnite Token Compass isn’t real, but here are ways to get the Pirate Shop
Since the start of the Fortnite Treasure Hunters season, people have been scrambling for fast and easy methods to locate the Pirate Tokens, because these unlock access to the Pirate Shop , which allows you to get everything in the item shop for free.
Getting one of these is essentially like winning the lottery, as they're exceedingly rare and only found through opening chests during matches. However, in their desperation, players thought they might've found a method that would help them.
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Fortnite Compass for Pirate Tokens explained

Source: Epic Games
First of all, to be very clear, this compass is not real. It stemmed from a fake video posted on Facebook that claimed "Just use the compass". It showed someone playing Fortnite with a big blue and gold compass on screen that directed them to a chest, and when they opened the chest, it gave them a Pirate Token.
Unfortunately, this video is fake, and there is no known way to get any kind of compass like that to appear in-game.
Sorry for dashing your hopes if you thought it was real; however, to not leave you completely in the dark, we do have some other, legitimate methods that – while not a guarantee – will give you a better chance of finding the elusive tokens.
Legit methods to get Pirate Shop Access – Fortnite C7S5

Source: Epic Games via Fortnite.gg
The main way to get a lot of chests with good odds fast is by opening Vaults. We have a guide on all Vault locations and how to get Vault Keys to do it legitimately, but there is an exploit that will help with this.
What you need to do is get your hands on some Explosive Cannon Ballsand head to a Vault. It doesn't matter if you have the key or not. Once there, throw the items either side of the door and the AoE on the explosion is enough that it will destroy most, if not all of the chests inside.
To get the Token, you only need to have "opened" the chest, and destroying it via an explosion counts for this, so even if you can't grab the loot, if the chest would have dropped a Pirate Shop Access Token, you'll still get it.
