Today, Threads, Mark Zuckerberg’s alternative to Twitter (now X), has launched its much-anticipated web app. Now users will be able to access the platform via an internet browser. But is the crypto community likely to migrate?
On Tuesday, August 22, Threads (officially Instagram Threads) began rolling out its new web access. However, the company has said the experience will not achieve parity with the app version for some time.
Threads Will Now Be Available on Browsers
On the web version, users won’t be able to edit their profile or send a DM (direct message). But perhaps the most jarring omission of all is the lack of searchability. Users can only search for other profiles, and not through posted content.
Twitter (now known as X) is still by far the most popular social media site for the crypto community. For one, its text-based content is perfect for sharing large amounts of information in a short period of time. Its real-time updates are also ideal for tracking the movements of the market.
But perhaps most importantly, Twitter, or X, has an undeniable network effect, with almost everyone who is anyone in crypto and Web3 on the platform. This will be the biggest hurdle Threads will have to surmount.
X isn’t helped by its new CEO’s controversial drive to make sweeping changes. On Monday, August 22, Musk confirmed rumors of plans to remove article headlines. Instead, users will only see the link and an image, he confirmed in an X post.
Threads and X are also facing competition from more decentralized alternatives, something that appears lab-designed to appeal to the crypto community. Bluesky, co-founded by Twitter founder Jack Dorsey, is one of the more famous examples.
Threads, too, is attempting to add decentralized features and open social networking protocols, including the ability to connect with other social sites, and stronger community-building tools.
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If the features prove viable, there is a chance for Threads to gain converts. Nathan Snell, CEO of Raleon, believes that X is more interested in being an “everything” app than a social network.
In that context, Threads has an opportunity to shine, Snell said. He went on:
“Threads seems committed to decentralization and being an engaging place for communities, which gives them a real shot at being the new home of Web3. From a Web3 perspective, there’s three areas to consider: How big is the potential audience, how discoverable can I be, and how easy is community interaction?
We don’t need yet another place to trade, but a place where communities can form and where great projects can be discovered. In my opinion, there’s a possibility they both fail, and as a result, something entirely new emerges as a home for Web3. I’d bet in one to two years, Threads gets rolled back into Instagram.”
Snell also pointed out that Threads serving as a hub for Web3 has a hidden benefit: it can attract more attention beyond the Web3 community. This is similar to how Base provides traders with more visibility, he said.
But Threads has an even better chance to become widely adopted. This wider adoption would not only improve discussions but also offer projects more ways to get new users and keep their community engaged.
Threads Has the Same Problems as Instagram
Mason Yang, co-founder of Sending Labs, a product studio building decentralized encrypted communication infrastructure, thinks Zuckerberg has exhausted his creative potential.
Increasingly, the company is failing to come up with new ideas, Yang said. He elaborated:
“Over the past decade, Facebook’s triumphs hinged on acquisitions (Instagram, WhatsApp) and mimicry (Snapchat, TikTok). Threads resembles text-based Instagram – a curated shopping center, while Twitter stands as an expansive plaza resonating with diverse voices.
Everything you dislike about Instagram is still there — brands bombarding with ads, self-promoters, influencers selling a fabricated ideal life. These issues are inherent to all centralized platforms, like a chronic disease that’s hard to cure.”
For Ashton Addison, who runs the YouTube channel Crypto Coin Show, Thread’s product is nowhere near good enough to have staying power.
“Threads had an explosive first few days thanks to the one-click onboarding from Instagram, but engagement has already dwindled and it’s highly doubtful they will be as popular as Twitter for the crypto community.
While crypto publishers are posting to Threads to cover all their social media bases, Twitter functionality including hashtags, Twitter Spaces, trending topics, and lists are all functions used daily by the crypto community, none of which are on Threads currently. Twitter will continue to host the Web3 community until something emerges that is ten times better, and Threads’ current app is nowhere near.”
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