Meta’s Threads Fails to Gain Traction Among Crypto Brands
A recent study conducted by marketing agency Athena Labs reveals that Meta’s text-based social media app, Threads, has struggled to attract crypto brands. The research, which evaluated the top 151 crypto brands by market capitalization, found that only 40% of these entities had created a Threads account. Out of this 40%, only 14 crypto brands actually posted content on the platform, accounting for a mere 9.3% of the sample.
Lack of Engagement from Leading Crypto Brands
The study also discovered that the top 151 crypto brands collectively have just 784,764 followers on Threads, a number surpassed by many mid-tier influencers on its competitor, X (formerly known as Twitter). This lack of engagement is significant considering the hype surrounding the launch of Threads. According to Athena Labs’ definition of an “active brand,” less than 10% of leading crypto brands are active on the platform.
Crypto Brands Thrive on X
In contrast to Threads, crypto brands enjoy a much larger presence on X, especially under Elon Musk’s leadership. For example, Binance has over 10 million followers, while its founder Changpeng Zhao and Ethereum creator Vitalik Buterin have 8.6 million and 4.9 million followers respectively.
Potential Challenges for Threads
While Threads may still find its footing in the future, it currently faces challenges on X, such as a surge in fraudulent accounts and bots. These fake profiles often mimic crypto influencers and mislead traders and investors with false advice and insights.
Musk’s Changes Raise Questions About X’s Future
Elon Musk’s acquisition of Twitter and his subsequent changes to transform X into an “everything app” have sparked speculation about the platform’s future. Despite obtaining a currency transmitter license and venturing into financial services, Musk has denied rumors about launching an X token.
Threads’ Struggle Linked to X’s Dominance
Experts believe that Threads’ inability to resonate with crypto brands is largely due to the entrenched network effects and influential role of X in crypto dialogues. Additionally, concerns about privacy within Meta’s ecosystem have also deterred some users from embracing Threads.
Hot Take: Threads Faces Uphill Battle in Crypto Community
Meta’s Threads app has faced significant challenges in gaining traction among leading crypto brands. The study conducted by Athena Labs highlights the lack of engagement on the platform, with fewer than 10% of top crypto brands actively using Threads. This stands in contrast to the thriving presence of these brands on X. While Threads may still have a chance to establish itself, it faces hurdles such as fraudulent accounts and privacy concerns within Meta’s ecosystem. Overall, the dominance of X and its established network effects make it difficult for Threads to break through in the crypto community.
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