Is It Finally Time to ‘X-it’ Twitter For Threads?

Meta’s new Twitter lookalike, Threads, launched on July 6 to much hype and quickly reached 100 million users in under a week. But whether the app can keep up that momentum is unclear.

Threads seemed on track to challenge Twitter, the long-time microblogging incumbent that just rebranded to X. But how quickly things change on the internet: Despite its initial splash, various data sites now show Threads user activity has fallen as much as 70% from its first week. Average usage time has also dropped considerably in this time, from 21 minutes to six.

Meanwhile, the concept of decentralized social media has received an infusion of new interest, particularly in the wake of Twitter’s surprise rebrand.

There’s absolutely no limit to this transformation. X will be the platform that can deliver, well….everything. @elonmusk and I are looking forward to working with our teams and every single one of our partners to bring X to the world.

— Linda Yaccarino (@lindayacc) July 23, 2023

So is Threads poised to take over Twitter — ahem, X — as the number-one microblogging site for crypto enthusiasts? We tapped some respected Web3 community builders and social media experts to find out their thoughts.

Beware: Threads isn’t actually decentralized yet

Threads parent company Meta promises that the new platforms will soon be decentralized, but some Web3 enthusiasts are skeptical. The platform announced plans to be compatible with the decentralized social media protocol ActivityPub, which would allow users to interact with other social media platforms like the open-source Mastodon network, Bluesky and others.

A future with interoperable, user-owned social media platforms would be a big deal. But critics aren’t convinced that Threads is the way. As of now, Threads users can only create accounts through existing Instagram credentials, which seems like a suspiciously convenient way to lock in user data.

Users also can’t interact entirely anonymously in the Threads multiverse, since their accounts are presumably always going to be linked with a Meta account requiring a legal name and date of birth (members of Crypto Twitter’s anonymous, aka “anon,” culture will most certainly curdle at the thought of “doxxing” themselves, or revealing their true identity, on a new platform.)

But despite…