Singapore-based travel service conglomerate Trip.com has faced significant backlash from the crypto community following the announcement of the termination of its non-fungible token (NFT) project, Trekki.
On July 16, the project’s official X account announced that it would officially be terminated on August 1. According to reports, all features for its Phase 2 plan would be cancelled, and community operations would close down. Furthermore, the project highlighted that all collaborative activities associated with the Trekki NFT project would also be terminated.
Despite the shutdown, the project will retain some benefits for holders, including the ability to claim and use discount coupons on the travel booking platform. However, the termination of the project led to a significant drop in Trekki NFT floor prices and sparked frustration among NFT holders and enthusiasts.
Community Reaction to the Trekki NFT Shutdown
Following the announcement of the Trekki NFT shutdown, the floor price for Trekki NFT dropped by over 70%. It went from 0.0081 Ether (ETH), worth about $28, to 0.0021 ETH (around $7). Currently, the floor price sits at 0.0041 ETH, worth $14. This drastic price drop has left many community members frustrated and disillusioned.
Community members took to X to express their frustration over the Trekki NFT shutdown. One user commented on their disbelief that a multi-billion dollar company would “rug” a project, while another expressed disappointment over the sudden termination. An X user mentioned that they had almost bought the NFT because it had a useful idea, great art, and was backed by a multinational company with billions of dollars. However, they were relieved not to have purchased the collectibles as it “turned out to be a blatant rug.”
Another community member criticized Web2 brands attempting to run Web3 projects with non-native teams, suggesting that these ventures are doomed to fail. They urged Trip.com to back an existing Web3-native project and allow it to be run “the Web3 way.”
Meanwhile, a community member speculated on the reasons behind the Trekki NFT shutdown. They believed that Trip.com was merely “testing the waters” and realized that the market was “too small for them,” ultimately finding NFTs to be a burden.
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Possible Future for Trekki NFT
Despite the current shutdown, Trekki hinted at a possible revival of the project. “If the Trekki team launches new projects in the future, additional benefits may be granted to Trekki NFT holders,” the project wrote. However, this statement has done little to quell the frustration and disappointment among the Trekki NFT community.
The Trekki NFT shutdown has raised concerns about the future of NFT projects backed by major corporations. The abrupt termination and subsequent price drop have underscored the volatility and uncertainty inherent in the NFT market. As the crypto community grapples with the implications of this shutdown, it remains to be seen how Trip.com will address the backlash and whether Trekki NFT will make a comeback in the future. Cointelegraph approached Trip.com for comments but did not receive an immediate response.
Impact on the Broader NFT Community
The Trekki NFT shutdown has impacted its direct community and sparked broader discussions within the NFT space. Many are questioning the reliability and commitment of large corporations entering the NFT market. The incident has highlighted the importance of transparent communication and long-term commitment from project backers to maintain trust and stability within the NFT community.
According to data, the Trekki NFT floor price drop is a significant indicator of the community’s loss of confidence. This event serves as a cautionary tale for other corporations and projects looking to venture into the NFT space. It emphasizes the need for a thorough understanding of the market dynamics and a genuine commitment to the project’s longevity.
As the NFT market continues to evolve, the Trekki NFT shutdown will likely be referenced as a critical learning point. The crypto community will be watching closely to see how Trip.com navigates the aftermath of this decision and whether they can restore faith in their future endeavours.
Conclusion
The Trekki NFT shutdown by Trip.com has sparked significant community backlash and highlighted the challenges faced by traditional companies entering the NFT market. The drastic drop in Trekki NFT floor prices and the subsequent frustration among holders and enthusiasts underscore the volatility and unpredictability of the NFT space. As Trip.com faces criticism and the crypto community reflects on this event, the future of corporate-backed NFT projects remains uncertain. For more updates on this story and other cryptocurrency news, stay tuned to The BIT Journal.
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