Web3 is a novel industry that is said to have either massive growth potential or a big speculative bubble. The advent of cryptocurrencies and blockchain has accelerated emergent technology. The concept of Web3 in a simple world is the formation of a decentralized internet. However, many experts call it a Ponzi scheme and an overly exaggerated concept.
During the last few months, the biggest Web2 companies have sustained massive backlash from their respective consumer base over the hint of Web3 adoption. One of the biggest reasons for the pushback is the use of the Proof-of-Work consensus model that requires a lot of energy input and is thought to have stringent environmental effects.
Discord is arguably the largest gaming discussion social media platform in the world with monthly online traffic of 150 million users. Jason Citron, CEO of Discord hinted recently about the company planning to adopt Ethereum. With the new blockchain integration, the users will be able to trade NFTs and cryptocurrencies on the platform.
However, the support page of Discord was quickly bombarded with angry comments from the users. Eventually, Citron had to yield and issue a new statement declaring that company has decided to put the decision on hold. A similar announcement by Ubisoft received a severe response from its native community and imposed the company to postpone plans for its personalized blockchain Quartz.
Mozilla foundation responsible for Firefox browser recently claimed to integrate support for crypto-based payments with Bitpay partnership. The co-founder of Mozilla foundation Jamie Zawinski took to Twitter to share his strong opposition to the idea of calling out the current management for making bad decisions compromising environmental stability.
Mozilla later clarified that it has put the plans for crypto donations on the back burner. Popular crowdfunding forum Kickstarter also underwent the same polarity when it announced an aim to build its mobile version on layer 1 blockchain Celo. Thus far, not many organizations have succeeded in going ahead with their plans to work with Web3 technology as most consider its byproducts like NFTs a Ponzi scheme.