With misinformation and scams involving cryptocurrency on the rise on Tiktok, dappGambl have analysed over 1,000 videos to find what information from crypto influencers can be trusted.
Key takeaways from the study found:
- The #Cryptok hashtag has over 1.6 billion views
- Over 1 in 3 videos on Cryptok were misleading
- Only 1 in 10 Cryptok profiles or videos contain disclaimers
- 47% of creators are trying to push services to make money
- 1 in 3 misleading videos mention Bitcoin
- Expert insight from daappGambl’s Eugene Abungana
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The #Cryptok hashtag has over 1.6 billion views
dappGambl analysed 1161 TikTok videos from 594 creators using a number of popular cryptocurrency hashtags, finding the videos have over 6 billion views.
In an interview with crypto expert, Eugene Abungana, at dappGambl said, “Just because a video has many thousands of likes and views does not make the content legitimate and trustworthy.”
Over 1 in 3 videos on Cryptok were misleading
37% (434) of all videos analysed were found not to feature a financial disclaimer and either encouraged users to invest their own money or implied a return on investment. Crypto expert at dappGambl explained, “Although the platform can be a great place to learn, It is important to note that cryptocurrency isn’t regulated and misinformation can easily spread.”
Only 1 in 10 Cryptok profiles or videos contain disclaimers
Of the 594 accounts studied, only 62 (10%) contained disclaimers or warnings around investing in cryptocurrency. Although this doesn’t necessarily mean the videos are misleading it could be seen as a less trustworthy source.
47% of creators are trying to push services to make money
Nearly half of cryptok creators are using the platform to push their own services to make money. From eBooks and online courses to whatsapp trading groups, the more views these creators get on their TikTok videos, the more likely they are to make money from the services they are pushing.
“If a creator is pushing their own advice or services they probably have an ulterior motive to create viral-worthy content. Take extra caution when clicking through to paid services,” says Eugene.
1 in 3 misleading videos mention Bitcoin
On TikTok, 35% of misleading videos use Bitcoin to push misinformation. 53 different cryptocurrencies were mentioned in all the videos analysed by dappGambl, with Bitcoin, Ripple, Ethereum and Cardano featuring the most.
Q&A with daappGambl expert, Eugene Abungana
Q; As well as educational content, can TikTok provide useful financial advice or should users seek additional advice?
A; Although the platform can be a great place to learn, It is important to note that cryptocurrency isn’t regulated and misinformation can easily spread. Always do your own research before taking any advice from the platform.
Q; How can a user on TikTok avoid misinformation and spot a scam?
A; Tiktok is built to promote videos to the user that interest them. If a user is interested in crypto content they are likely to be served crypto related videos via the for you page. However it is important to remember that no one can offer guaranteed returns. If it seems too good to be trust, it more than likely is is.
Q; What signs should one be aware of when watching TikTok videos about cryptocurrency?
A; Just because a video has many thousands of likes and views does not make the content legitimate and trustworthy. If a creator is pushing their own advice or services they probably have an ulterior motive to create viral-worthy content. Take extra caution when clicking through to paid services.
Q; Why is finance and cryptocurrency content so widely viewed on TikTok, with hashtags like #cryptok and #cryptocurrency having hundreds of millions of views?
A; There are a few reasons why content related to crypto and investing is so popular on TikTok. One reason is that the platform’s primarily young user base is becoming increasingly interested in their own finances and planning for their financial future.
Furthermore, TikTok’s short-form video format makes it easier for users to consume and understand crypto content. The hype around stock trading, crypto and other investment opportunities in recent times has also contributed to the popularity of such content.
About dappGambl?
We at dappGambl are a group of blockchain and casino enthusiasts that consider crypto casinos and other gambling dApps to be the future of online gambling.