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Recent research by dappGambl, a global community of crypto enthusiasts, has found misleading TikTok videos in crypto investments. The research revealed that over one in three videos of crypto influencers on TikTok, a popular social media platform, are misleading. Researchers analyzed a total of 1161 videos with over 668M views. 37% of all these videos were not giving a financial disclaimer. This misleading information related to cryptocurrency development and trading is increasing on the platform.
Misleading Crypto Investment Videos in TikTok
TikTok is a popular video-based platform where people socialize, share information, hacks, and more. The platform has over 492 billion views on #LearnOnTikTok videos. Users are even taking financial advice from TikTok videos.
Even though the platform makes it easier for a younger audience to understand different topics, there are loads of misleading information. A group of researchers from daapGambl have found out that various TikTok creators have shared misinformation about crypto investments. Influencers are often encouraging viewers to invest their hard-earned money into cryptos.
In such videos, creators advise risky behaviors, assured returns, and glorified impulse decisions. Audiences new to crypto may make poor financial decisions with these videos.
Many TikTok creators post crypto-based content using the hashtag #cryptok. This hashtag has over 1.6 billion views.
dappGambl analyzed 1,161 videos with 660+ million views from 594 popular TikTok crypto influencers using the same hashtags. dappGambl is an online platform that provides information about web3 gaming and gambling.
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dappGambl Analysis
The analysis of 1,161 videos by dappGambl experts revealed that one in every three videos was misleading. Content creators of such videos have a total following of 35+ million and an average following is 145k. Even TikTok promotes popular content instead of fact-checked ones.
The analysis also discovered that one in every ten creators warned the viewers of the risks involved in crypto investments. The rest 90% of the creators skipped adding a disclaimer.
A disclaimer should make it clear that the users must do their research before investing in cryptos. It encourages people to look for expert advice before making the final decision.
The analysis also revealed that 47% of content creators in TikTok only focus on making money by promoting their services to make money.
Many creators mentioned Bitcoin to push misinformation. Further, 35% of these misleading videos cited Bitcoin. Apart from Bitcoin, there were 53 more cryptos named in videos giving investment and trade advice.
- #Cryptok Hashtag has over 1.6 billion
- Over 1 in 3 videos on cryptok were misleading
- 1 in 3 misleading videos mention Bitcoin
- Only 1 in 10 cryptok profiles or videos contain disclaimers
- 47% of creators are trying to push services to make money
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Misinformation Leading to Financial Risks
One of the consequences of these misleading TikTok videos in crypto investments is that billions of users trust video creators. Viewers tend to blindly trust influencers' content based on the number of likes or views. So, TikTok crypto creators pose financial risks to new investors with their misleading content.
With these findings, users need to be more careful with financial investments. Viewers should be extra cautious before using paid services of content creators.
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