yes. it is possible that this is serious.
congenital nystagmus is not emergent. its from obviously congenital neurological/developmental defects.
but ACQUIRED nystagmus (which is what it sounds like you could have been diagnosed with) implies ACQUIRED neurological damage. possibly from tumor, aneursym, MS,
metabolicMetabolic acidosis disorders, toxicity, many more.
you definitely need a neuro exam. could be benign, but could also be very serious. no one will know until/unless you have a full workup.