Meta’s recently launched text-based social media app, Threads, has faced challenges in gaining popularity among crypto brands, with less than 10% being active on the platform two months after its launch, according to research conducted on September 11. The study, shared exclusively with BeInCrypto by marketing agency Athena Labs, evaluated the top 151 major crypto brands by market capitalization.
The research unveiled that only 40% of these crypto brands had established a Threads account. Out of the 40%, only 14 crypto brands posted content in Threads, which amounts to just 9.3% of the sample. As a result, these top crypto brands collectively have just 784,764 followers on Threads.
Athena Labs defines an “active brand” as one posting at least weekly on a platform. With fewer than 10% of leading crypto brands being active on Threads, this statistic is sobering given the initial hype surrounding the app’s launch.
In contrast, crypto brands have a more significant presence on Twitter, which is now under the leadership of Elon Musk. For example, Binance has an impressive follower count of over 10 million, while its founder, Changpeng Zhao, boasts 8.6 million followers, and Ethereum’s creator, Vitalik Buterin, has 4.9 million followers.
However, despite its current struggles, Threads may still find its footing. Musk’s newly rebranded Twitter platform is grappling with challenges, including a surge in fraudulent accounts and bots. These issues have been exacerbated by fake profiles impersonating crypto influencers, and misleading traders and investors with false advice and insights.
Musk’s acquisition of Twitter for $44 billion in October 2022 has sparked speculation about the platform’s future direction. Since taking over, Musk has been attempting to transform Twitter into an “everything app” by introducing various changes, such as altering the blocking feature for free accounts.
Furthermore, Twitter recently obtained a currency transmitter license from Rhode Island regulators on August 28, allowing the company to enter the realm of financial services. This license encompasses functions such as digital currency custody, transfer, and exchange. However, Musk has denied rumors about launching an X token.
Experts believe that Threads’ struggle to resonate with crypto brands is largely due to the entrenched network effects and the seminal role of Twitter in crypto dialogues. Moreover, the association of Threads with Meta’s ecosystem has raised privacy concerns among many users.
As the competition between Threads and Twitter continues, it remains to be seen whether Threads can overcome its current challenges and establish itself as a viable platform for crypto brands in the long run.
