Meta's Threads Fails to Gain Traction Among Top Crypto Brands

Learn why Meta's Threads is failing to gain traction among top crypto brands and the challenges it faces. Discover the impact of Twitter's network effects and privacy concerns within Meta's ecosystem.

Posted 7 months ago in Technology

Image of a social media app with no text or logos

Meta's Threads, the recently launched text-based social media app, has struggled to gain popularity among crypto brands, according to research conducted by marketing agency Athena Labs. Out of the top 151 major crypto brands evaluated in the study, only 40% have established a Threads account, and of those, only 14 crypto brands have posted content on the platform. This equates to just 9.3% of the sample. The total following on Threads among these brands is a mere 784,764, significantly lower than mid-tier influencers on Twitter. Less than 10% of leading crypto brands are active on Threads, indicating a lack of interest in the platform since its launch.

In contrast, crypto brands have a more significant presence on Twitter, with Binance boasting over 10 million followers and prominent figures like Elon Musk amassing millions of followers. Threads, however, may still have a chance to find its footing as Twitter faces its own challenges, including fraudulent accounts and bots that impersonate crypto influencers and mislead traders and investors.

Elon Musk's acquisition of Twitter in 2022 and subsequent changes to the platform have sparked speculation about its future. While Musk aims to transform Twitter into an all-in-one app, rumors of launching an X token have been dismissed. The entrenched network effects and pivotal role of Twitter in crypto conversations are seen as major factors contributing to Threads' lack of resonance. The association of Threads with Meta's ecosystem has also raised privacy concerns among users.

Despite the current underwhelming performance, it is essential to verify facts independently and consult professionals before making any decisions based on this content.

Last updated 9/13/2023, 8:50:04 PM


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