The article was updated to include comments from Animoca Brands’ Yat Siu.
Quick take:
- 69.3% out of 117 of the crypto industry’s biggest brands did not bother to open a Threads account, yet.
- Binance Exchange is currently the biggest crypto account on Threads with more than 335k followers.
- Engagement levels for the brands that did open an account on Threads (30.7% out of 117) are relatively low compared to Twitter.
Twitter rival Threads has raced to over 100 million accounts in barely a week after its launch. At this rate, it should overtake Twitter’s account number within a month. Threads’ launch has added fuel to the social media battle between Musk and Zuckerberg ahead of their anticipated ‘caged match’.
While 100 million accounts in a week suggests nearly every industry is excited by the Threads launch, the picture seems a little different in the crypto world. In this report, we looked at some of the crypto’s biggest brands to see how they reacted to the launch of Zuckerberg’s Twitter rival. A week in, and it seems a majority of them are not eager to join Threads yet.
So, to gain some insights on what the crypto companies that have already joined Threads see in the platform, we asked Animoca Brands co-founder and executive chairman Yat Siu what Zuckerberg’s new app means for the industry.
“Threads is a disruptive platform that poses a challenge to Twitter’s dominance as the global town square. Web3 is a global ecosystem that uses decentralized tech to challenge the publisher-owned paradigm of Web2 and enable all users to enjoy the benefits of true digital ownership,” said Siu.
“Disruptions in technology lead to innovation and new opportunities, so it’s easy to see why Web3 developers are adopting Threads. Despite its lower engagement than Twitter, Threads is already a fast-growing social network with a substantial user base, and could be a good platform to attract new users to Web3,” he added.
Twitter has become such a big platform for the crypto community, which has led to the formation of industry slangs Crypto Twitter and NFT Twitter among others. This is partly due to the engagement levels that the platform generates for the industry.
A quick dive into the numbers shows that tweet volume with the keyword #Bitcoin is averaging at about 563k per week, while #Ethereum reached 268k according to crypto-native data provider The Tie and presented by media outlet TheBlock.
These numbers may explain why a majority of the biggest crypto brands don’t take Threads as a priority.
Our findings
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, out of 117 top crypto brands, nearly 70% have yet to open a Threads account.
The biggest crypto account on the new platform, Binance, has more than 335k followers at the time of writing. This might come as a surprise given that Binance invested $500 million in Musk’s Twitter takeover in October 2022.
Despite reports that Twitter may be about to implode amid brand safety concerns and the possibility of Threads taking over, data shows that Twitter remains king. At least for now. However, this is turning out to be a very interesting battle to monitor in the coming weeks and months.
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
