wikipedia links along with all other social media networks no follow the links. But for a natural backlink profile, you want a mix of no follw and do fallow
I use Wikipedia backlinks rather for diversification + authority insurance. However, I have never seen a boost in rankings after placing a Wikipedia link and I have approximately 20 of them to various sites. Still a nice link to have in portfolio with relatively small effort (granted that on your site is quality content that contributes to the topic).
They won't directly impact your SEO efforts as they're 'NoFollowed'. However, they do increase something known as EAT (Expertise-Authoritativeness-Trustworthiness) which determines your page quality score. If your niche is considered as YMYL then it might prove beneficial.
Wikipedia links are nofollow and search engines ignore nofollow attribute links in their ranking factors but they follow the links without indexing them or giving any seo juice but those backlinks can drive some traffic which can't be bad. Overall a backlinks from a trusted source like Wikipedia can't be bad but don't expect too much.
Depending on the niche, Wikipedia links can be tremendously beneficial. You won't get direct link juice (pagerank or anchor text benefit) but you can get direct traffic and links from other sites (who use wikipedia to discover resources). And being cited on wikipedia is a major deal in terms of trust/authority for your brand.
I think it probably does have a positive effect on your SEO. Some people will tell you it doesnt because its no follow. I dont know of any tests that have directly looked at the effect of a wikepedia link. But no follow links from Youtube have been tested and do have a positive effect on rankings. Which suggests there is still something going on with no follow links, transfer of some sort of trust factor etc.
The link must stay up on wikipedia for months in order to give any result. I don't know what the signal is, whether it's traffic or simply a sign of trust, but if link does not stay up long enough it won't help at all.
Thinking that Google just ignores Wikipedia links, which is one of the biggest & most moderated website in the internet, just because it's nofollow - is just nonsense.
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