Editorial credit: Koshiro K / Shutterstock.com
Executive Summary:
Bluesky, a decentralized social platform originally supported by Twitter, has reached 13 million users, with a recent surge of 2 million new users spurred by impending changes to Elon Musk’s X (formerly Twitter). Alongside this milestone, Bluesky announced $15 million in Series A funding led by Blockchain Capital, which will bolster its development and sustainability efforts after losing Twitter’s financial backing in 2022.
The platform, founded by former Twitter CEO Jack Dorsey, has faced funding hurdles but continues to make strides with plans to introduce subscription-based and creator-driven monetization models, offering features such as high-quality video uploads and profile customization. Bluesky’s decentralized approach appeals to users concerned with data security and autonomy, though it requires more manual customization than traditional platforms.
While Bluesky’s user base remains smaller than Meta’s Threads, which recently reached 200 million active users, its resemblance to Twitter and decentralized structure position it as a compelling alternative. Growth potential lies in attracting influential users to post exclusively, thereby expanding its audience and advancing decentralized social media into the mainstream.
