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CoinMarketCap builds a social media platform for the crypto community

Project updates, quotes, news, discussions - all on one platform.

By Finst News
• 3 min read
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CoinMarketCap builds a social media platform for the crypto community

Project updates, quotes, news, discussions - all on one platform. CMC Community aims to become the new home for crypto enthusiasts.

The battle for the social media platform of the future has begun. Nearly every week new competitors enter the ring to challenge Twitter's dominance. Now CoinMarketCap, the most popular data platform for cryptocurrencies, is giving it a shot too. The vision: a Twitter for crypto lovers. No distractions or exclusions—just one focus: crypto. That’s what CMC-Community offers. The project started in 2022. And it already inspires nearly half a million active users per day. Twitter is also trying to win more attention from the community. The company recently added crypto prices as well.

Decentralized platforms are viewed as one of the most promising trends for the coming years. It’s still a small sector, but expected to grow rapidly in 2023. "We found there was a gap in the current social media landscape," says Molly Jane Zuckermann, Content Lead at CoinMarketCap. "People go to CoinMarketCap to learn more about projects and the prices. Then they go to Twitter, the team’s website to learn more." The move is a no-brainer: CoinMarketCap is one of the most-used crypto sites, with 340 million visitors per month. In 2020 the company was acquired by Binance, the world’s largest crypto exchange.

CoinMarketCap wants to connect users and teams

Project updates, quotes, news, discussions: CMC Community is bundling it all on its new platform, aiming to become the scene’s one-stop shop. "We want to connect users with teams. Think of it this way: Bitcoin surges 30 percent. You view the price on CMC Community and see in real time the discussions from people and thought leaders on the platform," says Zuckermann. Registration happens directly via the site.

Additionally, they want to differentiate themselves from Twitter by keeping the crypto community’s values high. Rules are relaxed, except for violations like hate speech and sexism. The algorithm isn’t designed to maximize engagement. The philosophy: "The user’s interests come first. You follow a coin and get everything about it in your timeline."

It’s still a Web2 platform for the crypto space. But in the long run, according to Zuckermann, decentralization is the goal, a Web3 approach. For example, articles could be turned into NFTs, with a limited edition. "There are many different things we’d like to try."

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.