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Twitter has been in trouble for a long time. Many people have left Twitter to complain or protest how bad it is. There are many opportunities for a decentralized social network that truly empowers its users to challenge Twitter. And indeed, several attempts have been made. But so far nothing has come close to matching Twitter.
But now, thanks to widespread discontent with Elon Musk’s excess of power, rival Twitter is finally here. In addition, it is not created by some crypto asset (virtual currency) genuine startups. Meta, who is also ruled by a billionaire with excessive power, works on it. But Threads has amassed 100 million users in less than a week.
Obviously painful, but there is a lesson here. When it comes to social media, at least social media on a large scale, people end up appreciating the network effect and ease of use. Just that. Of course, data privacy, better discussions, protection of “free speech” (whatever that means exactly), greater ownership of one’s content, etc. will be fun. However, these concerns have not become a priority.
Unmatched Momentum by Other Competitors
Before we continue, let’s make one thing clear. Threads are not necessarily very successful. Platforms occasionally appear and then are forgotten. Remember Clubhouse?
But Threads hit 100 million users in five days, and that number could still grow. Rival startups don’t have that momentum. Mastodon is estimated to have around 2 million monthly active users. Nostr, a decentralized social media protocol, has exact numbers that are hard to find, but according to the decentralized social network Damus, it’s estimated to be between 500,000 and 1 million people based on downloads of the Damus iOS app and the Android Amethyst app.
Bluesky, which is invite-only, had about 50,000 users at the end of April, and at least 58,000 new people have signed up since then. Those numbers aren’t bad, but we’re talking about relatively successful competitors, not rivals you’ve never heard of.
Threads’ current momentum comes primarily from its integration with Instagram, which boasts over 2 billion monthly active users. So the user already exists.
People have been yearning for smaller, more intimate platforms for years, but they often get hooked on the potential for virality. I personally experienced it myself as part of a team trying to develop a small, intimate platform. The finished product is far from perfect, but I experienced firsthand how difficult it was for newcomers to compete with Twitter and Facebook.
Threads have another major feature. If you’re already an Instagram user, onboarding is easy. You don’t need to create a completely new identity, and even those who follow you on Instagram can migrate to Threads.
Threads’ early success is instructive not only for social media startups, but also for cryptocurrencies pursuing the elusive goal of “mainstream adoption.” Currency, like social media, only works if enough people use it.
important lesson
Here are some important lessons learned.
At least initially, you may have to work with a larger organization.
In other words, go where the people are. That’s why people are excited about “institutional penetration” and the potential of Bitcoin ETFs (Exchange Traded Funds). Giving people a gateway to crypto through a well-known and trusted brand with an established customer base makes sense today.
That’s why Polygon signed a deal with Instagram, for example. While this may not be a one-size-fits-all solution and may take away some of the fun and uniqueness of crypto, there is clearly a reason behind such a strategic alliance.
Orientation and usability matter.
And that’s pretty important. This seems too obvious, but it’s worth repeating, given that many cryptocurrency products remain obscure and difficult to use.
It doesn’t matter how visionary a product has a roadmap to reshape society if the user experience (UX) is poor or if people have to go through complicated steps to create an account.
It also means that, for better or for worse, we need centralized cryptocurrency exchanges and governments to establish a clear regulatory framework for it. Sure, these centralized exchanges may be less secure and philosophically purer than DeFi, but they provide a familiar gateway for a more general audience.
People care about data privacy and decentralization, but don’t really care.
Mark Zuckerberg has an almost comically bad reputation for protecting user data. But at least 100 million people seem ready to turn a blind eye to it. Some people question Threads’ privacy policy, but many probably don’t bother reading it. And yes, many people don’t seem to like the idea of centralized social media platforms bowing to the whims of billionaires, but they seem to be able to fend them off.
Not that data privacy is not important. Of course it matters. Decentralization is also attractive. But such a noble cause is not enough. Without network effects and ease of use, you can’t push your product into the mainstream. Those are the main lessons to be learned from Threads’ five spectacular days.
Emily Parker: Executive Director of Global Content at CoinDesk.
｜Translation and editing: Akiko Yamaguchi, Takayuki Masuda
｜Image: rafapress / Shutterstock.com
｜Original: Why Thread Gets 100 Million Users When Other Twitter Rivals Can’t
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