Threads Launches Web App, But Will Crypto Users Migrate?
Threads, Mark Zuckerberg’s alternative to Twitter, has released its web app, allowing users to access the platform via an internet browser. However, the web version has some limitations, such as the inability to edit profiles or send direct messages. One major drawback is the lack of searchability for posted content. Twitter, now known as X, remains the go-to social media site for the crypto community due to its text-based content and real-time updates. Additionally, Twitter has a strong network effect that Threads will struggle to overcome.
Competition and Decentralization in the Crypto Community
Threads and X also face competition from decentralized alternatives, such as Bluesky, co-founded by Twitter’s Jack Dorsey. Both platforms are attempting to add decentralized features and open social networking protocols. Nathan Snell, CEO of Raleon, believes X is more focused on being an “everything” app rather than a social network. This presents an opportunity for Threads to shine as a decentralized and engaging community platform. However, there is a possibility that both platforms fail, leading to the emergence of a new home for Web3.
Threads’ Potential for Wider Adoption and its Drawbacks
Threads has the potential to attract more attention beyond the Web3 community, similar to how Base provides traders with more visibility. This wider adoption would improve discussions and offer projects more ways to engage users. However, Mason Yang, co-founder of Sending Labs, believes that Facebook, including Threads, is lacking in creative potential and relies on acquisitions and mimicry. Ashton Addison, from Crypto Coin Show, argues that Threads’ current app is not good enough to compete with Twitter for the crypto community, as it lacks essential functionalities.
Hot Take: Threads Faces Hurdles in Gaining Crypto Users
While Threads has launched its web app, it may struggle to attract crypto users away from Twitter. The limitations of the web version, coupled with Twitter’s strong network effect and essential functionalities, make it unlikely that Threads will become as popular as Twitter in the crypto community. Unless Threads significantly improves its app, Twitter will likely continue to be the preferred platform for the crypto community.
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