Can Threads dethrone Crypto Twitter? New report suggests not
A report by NFT Gators reveals a lack of Threads adoption by major crypto brands
Despite the exponential growth of Threads, Meta’s Twitter competitor, a significant portion of the crypto community remains loyal to Twitter.
As reported by NFT Gators, nearly 70% of 117 major players in the crypto industry are yet to open a Threads account a week after its launch.
Threads has witnessed an extraordinary surge in user base, crossing the 100 million mark within a week of its inception. According to the BBC, Mark Zuckerberg, CEO of Meta, was astonished by this milestone achievement. Nevertheless, the lukewarm response from the crypto community indicates a potential hesitation to switch platforms.
Twitter has long been the preferred platform for crypto enthusiasts, giving rise to specific subsets such as ‘Crypto Twitter’ and ‘NFT Twitter.’ According to NFT Gators, the platform’s engagement in tweet volume, with hashtags like #Bitcoin averaging approximately 563k tweets per week and #Ethereum reaching 268k, is seemingly unmatched.
The analysis by NFT Gators also revealed that among the crypto brands that have established a presence on Threads, engagement levels are relatively low compared to Twitter. The most followed crypto account on Threads, Binance Exchange, has garnered more than 335k followers, despite having invested $500 million in Elon Musk’s Twitter takeover in October 2022.
NFT Gators revealed fascinating stats across the industry;
“We looked at cryptocurrency exchanges like Binance, Kucoin, Gate.io, and Crypto.com, as well as top cryptocurrencies by market cap, like Ethereum (ETH), Tether (USDT), Ripple (XRP), Cardano (ADA), and more. So far, out of 117 top crypto brands, nearly 70% have yet to open a Threads account.”
While Meta’s Threads has made a bold entry by accumulating over 100 million users in a matter of days, the platform still trails Twitter’s estimated 350 million users. Threads’ growth prospects may also be hampered by challenges such as its unavailability in mainland Europe due to concerns over EU data privacy legislation and a lack of desktop versions.
The crypto community’s cautious approach toward Threads underscores Twitter’s ingrained influence and popularity within the web3 industry.