Yep, but it is already established. Meta's Threads is a good example on why it is difficult to deal with Twitter. Meta is a big company and already established, yet they weren't able to do anything to topple Twitter, and have pretty much gone to obscurity. I mentioned Tiktok too, and that is one that the other social media platforms are trying to beat. That's why I said short form content, maybe short videos, short posts of pictures with description.
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That is true although users have no stake in Facebook. Web3 is something entirely different.