Web3 social media platform Twetch, a competitor to X operating on the Bitcoin SV blockchain, unexpectedly shut down operations on June 6.
The social media platform Twetch — a Web3 competitor to X that runs on the Bitcoin SV (BSV) blockchain — abruptly ceased operations on June 6 without prior notice.
Following the shutdown, many crypto investors found themselves unable to redeem or cash out their non-fungible tokens (NFTs) and virtual collections. In response to one investor, the company said: “We are working on it.”
Twetch’s website did not provide an explanation for the shutdown. However, as of now, users can still download the Twetch mobile application from the Apple and Google app stores.
Bitcoin SV was founded by Craig Wright, who has long claimed to be the creator of Bitcoin (BTC).
On March 14, a United Kingdom court ruled that Craig Wright is not Satoshi Nakamoto, the pseudonymous creator of the Bitcoin network.
In a subsequent tweet, Twetch suggested that the social media platform might still have a future. The company is considering keeping Twetch alive by open-sourcing its code.
“We are also seriously considering open-sourcing, so anyone can spin up whatever version of Twetch they want.”
Challenges Facing Web3 Platforms
While competitors like Twetch struggle to build a strong user base, X faces its own set of challenges.
Summary Review: The unexpected shutdown of Twetch on June 6 has left many crypto investors unable to access their NFTs and virtual collections. Despite the lack of explanation for the closure, Twetch has hinted at a potential future by considering open-sourcing its code, allowing others to recreate and continue the platform. This situation underscores the challenges faced by Web3 platforms like Twetch in gaining traction and maintaining stability, while traditional social media giants like X grapple with their own unique difficulties.
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