Singapore-based travel service conglomerate Trip.com has faced significant criticism from the crypto community after announcing the termination of its non-fungible token (NFT) project, Trekki.

On July 16, Trekki’s official X account announced that the project would be officially terminated on August 1. The announcement stated that all features planned for Phase 2 would be canceled, and community operations would be shut down. Additionally, all collaborative activities related to the NFT project would be terminated.

Retaining Some Benefits

Despite the shutdown, Trekki assured holders that they would still be able to claim and use discount coupons on Trip.com’s travel booking platform. The project also hinted at the possibility of restarting in the future, with additional benefits potentially granted to current Trekki NFT holders if new projects are launched.

Following the announcement, the floor price for Trekki NFTs plummeted by over 70%. The price dropped from 0.0081 Ether (around $28) to 0.0021 Ether (about $7), before slightly recovering to 0.0041 Ether (approximately $14).

Community Frustration

The significant drop in NFT value sparked frustration among the community. Many took to X to express their disappointment. Some users criticized Trip.com for what they perceived as a “rugged project,” expressing disbelief that a multi-billion dollar company would handle the project in such a manner.

Others highlighted their initial interest in the NFT due to its appealing idea, great art, and backing by a multinational company, but expressed relief that they had not purchased the collectibles.

Some community members voiced skepticism about traditional Web2 companies running Web3 projects. They argued that Web3 projects require teams native to the space and suggested that Trip.com should back existing Web3-native projects instead.

Speculations on Project Shutdown

Speculations about the reasons behind the project shutdown also surfaced. One community member suggested that Trip.com might have been testing the NFT waters but found the market too small and the concept burdensome, leading to the project’s termination.

While the future of Trekki remains uncertain, the backlash highlights the challenges traditional companies face when entering the Web3 space. The Trekki NFT community will be watching closely to see if Trip.com makes any future moves in the NFT market.