Frich Insights: Crypto & NFTs
Last week we partnered up with DoSomething - one of the largest non-profits exclusively for young people and social change. Together, we're doing a deep dive on all the ways to keep your money safe - from scams to sketchy investments.
Speaking of sketchy investments... Ever wondered if everyone else besides you got crypto & NFT rich? Well, here's the breakdown of what your peers actually think about these investments.
Almost half of our users (45%) said that they never have and never will invest in crypto! We won't take sides on whether crypto is a scam or the future of money but we do recommend that you put your money into things you understand and avoid following hype. Remember, when you're young, you can play the long game and invest in stable and predictable stocks - let compound interest make money for you!💰
However, if you're still curious about crypto or are amongst the ones who invested (27% of Frichies), make sure to read up on trustworthy sources and proceed with caution. As a rule of thumb - you probably shouldn't take (unverified) advice from social media.
Often our team at Frich has a pretty solid guess on how most of our users will answer to our daily questions but this one really surprised us. Quite frankly - we expected less of you to have experimented with meme coins.
While 72% of the responses were "no, I was too worried to lose money", 19% of you said that you bought meme coins!😱 And 3% of you made a profit; the rest lost most of their money though😓 So...you were statistically less likely to have made bank experimenting with crypto.
Okay, this one was the most shocking one for us - 18% of you have bought NFTs!!! And 11% made a lot of money trading with NFTs (woo, go you!!🚀).
Honestly, our team genuinely expected close to no one having bought NFTs (no one on our team has!).
Although, don't take this as your sign to start experiment with NFTs. We can only leave you with the suggestion to put your hard-earned cash in things you understand & maybe also check out this article on how most NFTs are worthless today.
See you next week for more awkward money questions & honest answers!🔐