The Most Prominent TikTok Cryptocurrency Accounts
Videos Are Taken Down Due To the New Policy
In July 2021, the developers of the popular application TikTok announced new guidelines for advertising policy. Now rules for posting videos prohibit users from publishing advertisements about financial news and products, regardless of their geographical location. Cryptocurrency is now included in the category of prohibited topics for advertising.
Let’s discuss what consequences the changes can cause, what place cryptocurrency has on TikTok, who the main providers of such content are, and what the future holds for providers of cryptocurrency videos.
2021 TikTok Policy Changes
Many companies specializing in cryptocurrency trading used to draw attention to their platforms with the help of a TikTok account.
The popular platform TikTok has changed its policy on user-generated content. The ban affected financial services and products, which will have a direct impact on conscientious financial institutions that previously promoted their services through TikTok. These include loans, credit cards, installment services, shopping platforms, cryptocurrencies, and exchanges. In addition, TikTok changed its branded products policy related to the content, allowing creators the promotion of cryptocurrencies only in case they report it as the branded content in the app.
What Are The Reasons?
According to the administration of TikTok, these measures were taken because more and more fraudsters are appearing on the app.
So far, many cryptocurrency trading companies have sought help from influencers; such creators are known as Fintok advisors. They published recommendations on investing in cryptocurrencies like Bitcoin, Ethereum, and Cardano, and young and naive users of the social network followed the recommendations without understanding the nuances, with the end goal of getting rich quickly. Unsurprisingly, such stories often had a bad ending.
How Are Crypto Videos Blocked?
Before short videos are blocked, creators get a notification informing them that their video violated the rules of the community. Sometimes, “illegal activities and regulated goods” are reported as the reason. However, such notice doesn’t give any specific detail on why a video is being automatically deleted. TikTok presented its new detection feature in July that caused massive takedowns of short videos; still, recommendations of the company for creators remained the same since the latest update in December 2020.
New TikTok rules: videos losing views and other consequences
Creators of crypto videos are bothered by views, and followers of their accounts have slowed since July. The company now can limit the display of a short video when searching and in other parts of the platform.
Having many followers on TikTok, Mack Lorden gained them easily as soon as he created an account at the beginning of 2021. However, he was left with no sign of further progress. He believes the problem is caused by new rules and a drop in prices within the crypto market.
How To Prevent Content Takedowns?
Soon after the change, creators started to make creative short videos. Wendy O. uses the word “keto,” not to say cryptocurrency. Dye uses “girlfriend” when talking about Ethereum. Famous “Crypto Couple” have often resorted to comedy when talking about cryptocurrencies. It has helped to prevent videos from deletion. Other creators like Morales reduced the number of daily videos.
How TikTok Creators Make A Living?
In the field of the creator economy, short videos’ creators can earn up to $20,000, depending on how many followers on TikTok they have. Payment is also received in cryptocurrencies.
Crypto Mason is a partner of the company DAO Maker, which created a crowdfunding platform that helps new cryptocurrencies enter the market, for example, IOI.
Some also make money from paid subscriptions and customized investing sessions in Discord. Still, creators claim they mostly make videos for fun and education and never push people to buy a particular coin.
TikTok Influencers’ Possible Plans
Creators are considering posting their videos on other platforms: YouTube, Twitter, or Instagram. There are also Discord and other apps where the creators can share short videos.
According to Wendy O, the real problem isn’t the ads but the fact that TikTok makes shady bans and censors creators of cryptocurrency videos, and many of them provide fun and useful information.
What The Future Holds For Cryptocurrency Creators On TikTok?
Angel Talamantes, known as “begincrypto,” is aware that some accounts would abuse sponsored videos and promote projects without having studied the subject in detail before the changes.
Influencers are happy to accept the rules in case TikTok clarifies them and define what counts as the promotion and how exactly their content is identified as illegal activity and regulated goods. Since their attempts to contact the company have been unsuccessful, they require a specialist to give answers to their questions and concerns.
Thillens, together with Crypto Mason, Dimos, and Timothy, made the account CryptoKnight active in Discord. They plan to hold public activities and make a website not to be removed. But he admits that the viral activity on TikTok is way less than that of other platforms.
Top TikTok Accounts That Provide Crypto Content
BitBoyCrypto
Followed by 2.7M users, Ben Armstrong is a famous TikToker who regularly provides useful information on the platform. He also has a website, bitboycrypto.com, where he provides knowledge about Bitcoin.
Cryptocita
With 718K followers, she is a definite crypto nerd who gives very accurate advice on investing in Bitcoin. Her short videos are primarily focused on such topics as mining, cryptocurrency rules, and rates.
VirtualBacon
VirtualBacon is a cryptocurrency TikTok investor whose videos are a great way to learn the topic if you are a newbie but eager for accurate crypto education. He will guide you as you learn the basics of cryptocurrency investing. He does it in plain language that is simple to understand.
Thewolfofbitcoins
He is one of the most famous crypto content creators, thanks to his Bitcoin video that went viral. Thewolfofbitcoins creates short step-by-step videos and tells viewers how to purchase things with Bitcoins.
Cryptomasun
Mason Versluis creates relevant short videos and provides info about the current situation on the crypto market, showcases trends, explains recent news, and gives tips. Much content is also devoted to XRP.
Final Thoughts
The TikTok rule change is unlikely to stop the wave of mass popularity of cryptocurrencies. Many people are already aware of the potential for coins to grow, thanks to the events of 2021. In addition to that, on September 30th, TikTok announced the release of the first-ever NFT collection called TikTok Top Moments. TikTok NFTs are meant to provide creators with the opportunity to be recognized and rewarded for their short videos, and they give fans the opportunity to own a culturally-significant moment on TikTok. These NFTs are a selection of six TikTok videos from the most beloved bloggers.
TikTok collaborated with prominent NFT creators, including COIN ARTIST, x0r, RTFKT, Grimes, and others. They created a limited edition of NFTs.
Even taking into consideration the changes, video creators will find another way to promote various cryptocurrencies that will not violate the established guidelines of using the app. At least, they are willing to do so.
