Two months after launch, less than 10% of top crypto brands are currently 'active’ on Meta's 'Threads' platform as presented in our data sheet below.
Analysing a sample of 151 leading crypto brands by market cap, they found that while 40% of the companies had created threads accounts, of those only 14 had posted in the last 7 days. Just 9.3% of companies.
Given that an ‘active brand’ would post at least once a week on a platform, this suggests less than 10% of crypto brands are actually ‘active’ on Threads.
Rapid Launch Success and Engagement Challenges
Threads set record numbers by amassing an astonishing 100 million users within a five-day period following its launch. The platform further clinched over 2 million sign-ups in the initial two hours, indicating significant early enthusiasm from users.
Despite this, a subsequent decline in engagement ensued, as revealed by SimilarWeb's data below.
Threads has seen a 79% decrease in user activity dropping from 2.3m active users in July to 576,000 in August. Despite crypto-based accounts on X underperforming in the past year, we are still seeing significantly greater activity on X than on Threads.
[Pie-chart displaying ratio of Threads presence amongst 150 of the largest crypto companies.]
[Column-chart displaying follower count of Threads accounts amongst 150 of the largest crypto companies.]
The 150 largest crypto brands on threads have a combined 784,764 followers as of late August. This is absolutely dwarfed by the size of the crypto community on X with Binance alone having accumulated over 10 million followers on the platform.
The Network Effect and Cultural Alignment
One of the biggest challenges Threads faces is that of the network effect, where X’s dominance within the social media landscape draws in users due to its pre-existing user base. Despite impressive scalability, Threads currently seems to be struggling with cultural resonance amongst its users.
Threads: Strengths and Weaknesses
Despite the challenges faced, Threads possesses distinct strengths including: a greater library of user data, synergies with other social media giants like Instagram and Facebook and a substantial budget.
The app also includes features such as carousel posts and sharing of up to 10 pieces of media per post whilst X is currently limited to 4 which allows for enhanced creativity for users.
Threads may struggle to attract crypto native audiences due to privacy concerns. Cryptocurrency by its very nature has privacy and security in mind and many users are likely to be apprehensive of Meta’s track record of privacy violations including record breaking billion dollar fines from regulators.
In particular users have drawn attention to the requirement to link a threads account to an instagram account. This requirement runs against the grain of crypto twitter’s usage of alt accounts where users present as their avatar and ‘persona’ and not their real identity.