As Meta's Twitter-like service gains a large and immediate following, what can crypto learn from its success? Opinion emilydparker
with this, as part of a team that tried to build one of those smaller, more intimate platforms. While the resulting product was far from perfect, I also saw firsthand how hard it is for a new player to compete with the sheer numbers of Twitter and Facebook.Threads has another key feature: If you are already an Instagram user, then onboarding is easy. You don’t need to establish a whole new identity, and the people you follow can be transferred from one platform to the next.
Threads’ early success has lessons not only for social media start-ups, but also for crypto as it pursues the often elusive goal of “mainstream adoption.” Because money, like social media, only really works if enough people use it.Sometimes you might have to play ball with bigger players, at least initially.
In other words, go where people are. That’s why people get so excited about “institutional adoption” or the possibility of a Bitcoin ETF. Giving people a gateway to crypto through known, trusted brands with established customer bases can make sense at this point in time. That’s likely why Polygon with Instagram itself, to give just one example. This is not a solution for every project, and can indeed take some of the fun and uniqueness out of crypto, but there is clearly a logic behind such strategic alliances.This seems almost too obvious to write but given that so many crypto products remain confusing and hard to use, it bears repeating.
This is not to say that data privacy isn’t critically important. Of course it is. Decentralization has its appeal as well. But these lofty goals are simply not enough. Without network effects or ease of use, they won’t catapult a product into the mainstream. That is the main lesson from Threads’ spectacular five days.
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