Discord Sparks Speculation of Integrating Ethereum in Its Network Through Metamask and WalletConnect

Discord Sparks Speculation of Integrating Ethereum in Its Network Through Metamask and WalletConnect

Discord, a popular social networking platform that is also prominently used in the NFT space. The CEO and Founder of Discord, Jason Citron recently raised speculations of integrating Ethereum into Its Network.

Discord CEO Sparks Series of Speculation on Ethereum Integration

According to the CEO tweet that sparked a series of speculation on November 8. At the same time, the CEO shared a screenshot indicating that Discord is working hand in hand with the world’s largest altcoin Ethereum. 

After Jason Citron replied to Notboring.co writer Packy McCormick, the speculations intensified. 

Citron was quick to comment on this ambiguous tweet. The executive shared a screenshot of what appears to be Discord settings that allow users to connect to Ethereum and he simply said, “Probably nothing,”

Source: Twitter

The above screenshot shows the possibility of establishing a connection via the Ethereum wallet MetaMask or the chain-independent wallet connector WalletConnect. The idea is simple – if every Discord account comes with a crypto wallet, the wallet might support the Ethereum ecosystem like Metamask or Rainbow or Solana like Phantom.

However, it is worth noting that the high cost of gas makes it inconvenient for everyday use. Many people in the community have raised this concern, including reporter Colin Wu.

The NFT Community Reaction to the Speculations

For example, Chris Franklin believed that it’s not surprising that the Discord CEO informally announced the integration with the Ethereum wallet, but it was definitely a disappointing development.”

Another reaction encouraged the narrative of the Ponzi scheme. It read that the implementation of NFT in Discord will result in poor publicity and as a large number of users cancel subscriptions, Nitro subscriptions will decline. NFT will cause environmental damage and is mainly used for tax evasion and money laundering which makes the whole thing a Ponzi scheme.

However, others were quick to express their support for such an update.

How NFT, DAO and DeFi Projects Affected Discord?

Discord currently has around 300 million users and 150 million monthly active users. Last year there were 6.7 million active servers every week, so basically there was at least some room for conversation in any given week. There are 19 million active servers every week this year, tripling last year, and the year is not even over.

As new NFT projects, DAO and DeFi protocols hit the market every minute, this kind of collaboration with Ethereum can indeed leave important traces in its ecosystem.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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