Twetch, a BSV-Based Social Network With Many Innovative Features, Has Shut Down

Twetch and its team discussed the shutdown not on Twetch itself but on the platform it was always intended to dislodge—X (formerly Twitter).

Social media network Twetch, built on the BSV blockchain and known for its innovative features, has announced its closure after six years of operation.

Twetch, launched in 2018, aimed to create a platform centered around free speech, micropayments, and blockchain-based interactions. It offered a unique approach to social media, aiming to disrupt the market dominance of platforms like Twitter.

Despite onboarding over 100,000 users and introducing groundbreaking features like payouts for interactions, native NFTs and a trading platform, chat encryption, and disincentives for trolls, Twetch was unable to sustain itself in a market largely controlled by a single competitor.

Twetch’s closure highlights the challenges faced by smaller platforms attempting to compete with established giants, especially in the social media landscape. Despite valiant efforts and a dedicated user base, the asymmetry in user numbers and network effects proved insurmountable.

Twetch’s team announced the closure not on its platform but on the very platform it intended to dislodge—X (formerly Twitter). The announcement was made in a series of posts, detailing the decision and expressing gratitude to their users.

Twetch users’ BSV and other assets on the platform were stated to be available on-chain, and they could import their seed into Yours Wallet to access them.

Twetch’s closure marks the end of an era for social media platforms built on the BSV blockchain. Despite promising innovations and a passionate user base, the platform was unable to break out of a niche market and attain the mainstream adoption necessary for long-term viability.