Meta’s recently launched social app Threads seemed poised to become the next big thing, gathering millions of eager participants in just days. One prime target for this frenzy? The vibrant crypto community, a group no stranger to the fast-paced world of online platforms.
But despite an initial infatuation, the love affair between Crypto Twitter and Threads seems to have cooled down almost as quickly as it heated up. What happened?
The initial attraction
Threads burst onto the scene with an allure that seemed too good to pass up. Unlike traditional platforms, it was compatible with decentralized social media protocol ActivityPub.
This allowed users to interact across different platforms like Mastodon and Bluesky, a feature that resonated with the decentralized dreams of many Web3 artists and creators.
But the excitement went beyond mere compatibility. Threads offered a more simplified and seamless onboarding process, bringing in new users at an astonishing rate.
With the ability to cross-post a thread as an Instagram story, early seeds of interoperability were sown. The promise was there, and for a moment, it seemed like Threads could be more than just a passing fad.
However, the enthusiasm from the crypto community was not universal. Some Web3 strategists and builders remained skeptical of Threads’ ability to truly innovate. They saw it as nothing more than a Twitter clone.
The breakup
The cracks in the relationship began to show quickly. Despite its outward appeal, Threads had a significant issue that made it less attractive to a privacy-conscious community: signing up required an existing Instagram account.
Anonymity, essential to many in the crypto world, was suddenly at risk. Moreover, it became virtually impossible to leave the platform once joined. This lack of exit flexibility, combined with a demand for deeper innovation, began to erode the initial enthusiasm.
The numbers tell the story. Threads experienced a sharp decline in daily active users, dropping from 49 million on July 7 to a mere 12.6 million on July 23.
Although Meta’s CEO Mark Zuckerberg considered this drop-off “normal” and expressed confidence in improved retention with future features, the damage was already done.
In addition to these fundamental issues, Threads had competition to contend with. Web3 wallet Suku, for instance, launched an app allowing Twitter users to directly send digital currencies and NFTs to one another, providing a feature that kept them loyal to their existing platform.
Despite Zuckerberg’s optimism and acknowledgment of Threads’ unexpected success, the app’s lack of basic functionality and Meta’s previous failures with standalone apps might have also played a role in the breakup with Crypto Twitter.
Interestingly, Zuckerberg hinted that Threads might have benefited initially from user backlash against changes made by Elon Musk at Twitter (now X). But this serendipitous boost was fleeting, and Threads was unable to maintain the crypto community’s attention.
Threads’ affair with Crypto Twitter was short-lived and intense. It’s a case study in the importance of innovation, user needs, and the understanding of a target audience.
While Threads might still find its place among other communities, its brief relationship with the crypto world serves as a cautionary tale for future endeavors.
The crypto community demands more than superficial attraction; it needs a platform that thinks deeper, and aligns with its decentralized values.
