A report from NFT Gators shows a lack of Threads adoption among major crypto brands.
Despite the exponential growth of Meta’s Twitter competitor, Threads, a large portion of the crypto community remains loyal to Twitter.
According to NFT Gators, nearly 70% of Threads accounts from 117 major players in the cryptocurrency industry had not been opened a week after launch.
Threads has seen a massive growth in its user base, crossing the 100 million mark within a week of its launch. According to BBC, Meta CEO Mark Zuckerberg was surprised by the milestone achievement. However, the lukewarm response from the cryptocurrency community suggests they may be hesitant to switch platforms.
Twitter has long been the go-to platform for crypto enthusiasts, spawning specific subsets like “Crypto Twitter” and “NFT Twitter.” According to NFT Gators, the platform’s tweet volume appears unmatched, with hashtags like#Bitcoinaveraging about 563,000 tweets per week and#Ethereumreaching 268,000.
NFT Gators’ analysis also shows that among crypto brands that have established a presence on Threads, engagement is relatively low compared to Twitter. Despite Elon Musk’s $500 million investment in Twitter in October 2022, the most followed crypto account on Threads, Binance Exchange, still has more than 335,000 followers.
NFT Gators reveals fascinating statistics across the industry;
“We looked at cryptocurrency exchanges like Binance, Kucoin, Gate.io, and Crypto.com, as well as top cryptocurrencies by market cap like Ethereum (ETH), Tether (USDT), Ripple (XRP), Cardano (ADA), and more. So far, nearly 70% of the 117 top crypto brands have not opened a Threads account.”
While Meta’s Threads made a bold foray, amassing more than 100 million users in a matter of days, the platform still lags behind Twitter’s estimated 350 million users. Threads’ growth prospects may also be hampered by challenges, such as the fact that Threads is not available in continental Europe due to concerns about EU data privacy legislation and the lack of a desktop version.
The crypto community’s cautious approach to Threads highlights Twitter’s deep-rooted influence and popularity within the web3 industry.
