[Written By External Partner]
Threads, the latest Meta app, has been recently launched as an alternative to Twitter and an extension of Instagram. The app reaches 100 million users only a few days after its release, making it the fastest-growing app in history.
With plenty of possibilities for companies, such as text posts and shared followers, the application doesn’t seem to be a favorite for crypto enthusiasts. Despite being a Twitter competitor, where one of the biggest crypto communities is present, Threads isn’t where crypto brands are opening accounts, and people are not talking about Bitcoin or Ethereum with the same intensity. On the other hand, Twitter had people checking on Bitcoin’s price from Binance pretty frequently, with around 500k tweets about the cryptocurrency weekly.
On top of that, Threads is also susceptible to being the victim of crypto scammers since the app isn’t fully developed still. But what does this mean for the new community?
Millions of users, but most of them are scams
It seems like out of all the numerous Threads, users that exploded in a few days are duplicated scam accounts. Crypto businesses from Twitter have already warned users that imposter accounts appear on Threads constantly that impersonate them or other crypto exchanges.
For example, the decentralized platform Wombex Finance tweeted about a fake account of them on Threads, warning users of the possibility of being a scammer. An NFT influencer also found a fake account with the same username as he was already active on Threads, so he made the official account to spread awareness about impersonators.
Although these accounts haven’t shared malicious links yet, the fact that they’re already present on the app is worrying enough. If this continues, Threads will become the new Twitter, where numerous crypto phishing scammers operate by hacking famous people and businesses’ accounts to post phishing links. This tactic would target individuals to share their crypto exchange login credentials or wallet seed phrase. In some cases, these Twitter impersonators would make people connect their wallets to a crypto-draining smart contract.
Threads leverages an algorithm-based feed that benefits crypto marketing
Twitter’s rival seems to be the perfect environment for crypto marketing through its user engagement and brand safety features. The algorithm-based feed and interoperability with almost every asp, including Mastodon, allow numerous opportunities to align brand messages with user interests.
Threads may seem like a great strategy for crypto marketers to reach out to potential investors easily. This is feasible considering the increasing number of users that come from Twitter or Instagram, where plenty of crypto enthusiasts engage with those with similar interests frequently.
The app may also introduce forms of monetization, although ads are not currently present.
Experts consider that Threads will have a similar path as other Meta apps that end up having monetization features within the app, which for Threads will be a significant opportunity to appeal to the crypto audience.
Upcoming Threads options will include trending topics and search functions to help crypto enthusiasts engage with their preferred subjects. At the same time, marketers will be able to provide better insights into trending cryptocurrencies.
Still, Threads may not reach Twitter’s level on the crypto framework
Threads has considerable potential, but that doesn’t mean it will reach the same level as Twitter. The app Elon Musk acquired has long accepted crypto payments, and the platform is incredibly influencing crypto prices. One time, Elon changed Twitter’s logo with the Image of the Shiba Inu, leading to a price spike of 30% in only a few hours.
At the same time, Twitter continues preparing the ground for bigger things. For example, it has recently partnered with eToro to allow users to trade stocks within the app. With this new feature, Elon intends to make Twitter the super app that offers social media features and financial services.
Through its cashtag feature, Twitter already allows users to view trading data on index funds and shares. Crypto businesses have observed how Twitter users interact with exchange and investing platforms and engage within communities to educate themselves on more topics.
Threads has to overcome the data privacy matter before expanding
Before reaching a decent level of popularity and spreading among markets, Threads needs to solve its issues regarding a data privacy framework that doesn’t fit the European market, one of the strongest crypto environments.
Although linking their Threads account with many other apps may benefit companies, things are
different for regular users. That’s because it has been revealed that Threads collects an absurd amount of information, such as health and fitness, in-app purchases, messages, location and the phone’s manufacturer. But that’s not all ?there’s an extended list of what Threads track, but it doesn’t seem to be for any sort of purpose considering that the app doesn’t have ads yet. On the other hand, being backed by Meta, it’s not a surprise that the app collects all this sensitive data because Facebook and Instagram operate similarly, but at least they use that information to provide a certain type of advertisement.
We don’t know how beneficial it would be for crypto enthusiasts to give all this data, considering that they don’t need to provide such information, not even for regular crypto transactions. Therefore, this might also be one of the reasons why many investors from Twitter haven’t got a Threads account yet.
There’s also a problem with Threads. Users can’t delete their Threads accounts if they’re not using or linking them, but they must delete their Instagram account instead to eliminate the Threads one. This is called a “predatory policy,” users find out about this only after connecting their accounts, which is one of the app’s biggest disadvantages.
Threads are the latest trend in the world of social media applications, and it is something between Twitter and Instagram. Upon becoming so famous, it has already been the subject of scammers targeting the crypto sector, making users wonder how safe the app is. Still, crypto exchanges can use the app to spread information and allow communities to engage in a fairer way.