The termination of the Trekki NFT project by Trip.com has led to a significant decline in floor prices and has caused frustration among NFT holders and enthusiasts.

On July 16, the official X account for Trekki announced the project’s termination effective August 1. The announcement included the cancellation of all features planned for Phase 2 and the cessation of community operations.

Additionally, all collaborative activities associated with the NFT project are to be terminated. Despite the shutdown, Trekki noted that some benefits for holders, such as the ability to claim and use discount coupons on the travel booking platform, would remain.

Trekki also mentioned the possibility of restarting the NFT project in the future, stating, “If the Trekki team launches new projects in the future, additional benefits may be granted to Trekki NFT holders.”

Community Reaction and Market Impact

Following the announcement, the floor price of Trekki NFTs plummeted by over 70%, dropping from 0.0081 Ether (approximately $28) to 0.0021 ETH (around $7). The current floor price stands at 0.0041 ETH, worth $14.

Trekki NFT’s 1-week price chart. Source: Blur

The price drop prompted community members to express their frustration on X. One user expressed disbelief that a multi-billion-dollar company could “rug” a project, while another voiced disappointment for similar reasons.

One X user mentioned that they almost bought the NFT due to its useful idea, great art, and backing by a multinational company, but were relieved not to have done so, calling the project a “blatant rug.”

Another user criticized Web2 brands running Web3 projects with non-native teams, suggesting that such efforts are unlikely to succeed. They recommended that the company back an existing Web3-native project and allow it to operate “the Web3 way.”

Meanwhile, a community member speculated that Trip.com might have shut down the NFT project because it was only testing the waters and found the market to be too small and NFTs to be a burden.

Source: Cointelegraph