Twetch Shuts Down: Unexpected Closure of Bitcoin SV-Based Web3 Platform Leaves Users Stranded
Twetch, a Web3 social media platform built on the Bitcoin SV (BSV) blockchain, unexpectedly ceased operations on June 6 without prior notice, leaving many users unable to redeem or cash out their nonfungible tokens (NFTs) and virtual collections. Founded by Josh Petty in 2018, Twetch attracted over 100,000 users by offering features such as micropayments, chat encryption, and NFTs but struggled to compete with larger social media platforms like Twitter (now rebranded as X). Co-founders Billy Rose and Josh Petty highlighted the innovative aspects of Twetch, such as micropayments and blockchain records, but acknowledged challenges in scaling and growing the user base. In response to the shutdown, Twetch is considering open-sourcing its platform enabling others to develop their own versions. Despite the closure, its mobile app remains available on the Apple and Google app stores. Twetch had no affiliations with Craig Wright, who claims to be Bitcoin’s creator, Satoshi Nakamoto. The shutdown underscores the significant challenges Web3 platforms face in terms of user adoption and operational stability.
Bearish
The unexpected shutdown of Twetch, a Web3 social media platform built on the Bitcoin SV blockchain, highlights serious concerns about operational stability and user trust within the space. This abrupt closure has likely shaken trader confidence, particularly in niche blockchain applications. Although open-sourcing the platform could eventually lead to new developments, the immediate impact is a loss of investor confidence, making the market outlook bearish in the short term.