Singapore-based travel service conglomerate Trip.com faces criticisms from the crypto community as it announced the termination of its non-fungible token (NFT) project called Trekki. 

On July 16, the project’s official X account posted that it would officially be terminated on Aug. 1. The project said all features for its Phase 2 plan would be canceled, and its community operations would close down.

Furthermore, the project highlighted that all collaborative activities associated with the NFT project will also be terminated.

Trekki NFT shutdown sparks community backlash for Trip.com image 0 Source: Trekki NFT

Despite the shutdown, the project will retain some of the benefits for holders, including the ability to claim and use discount coupons on the travel booking platform.

Trekki also said that it does not rule out restarting the NFT project in the future. “If the Trekki team launches new projects in the future, additional benefits may be granted to Trekki NFT holders,” Trekki NFT wrote.

Cointelegraph approached Trip.com for comments but did not get an immediate response. 

Related: Pixelverse to put Pudgy Penguin character on Telegram mini game

Trip.com faces criticism from the community

Following the announcement, 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.

Trekki NFT shutdown sparks community backlash for Trip.com image 1 Trekki NFT's 1-week price chart. Source: Blur

Because of the price drop, community members went on X to express their frustration. One said they couldn’t believe that a multi-billion company is also “a rugged project,” while another expressed disappointment because of similar reasons on X.

Trekki NFT shutdown sparks community backlash for Trip.com image 2 Source: SkylineETH

An X user said they had almost bought the NFT before because it had a useful idea, great art, and was backed by a multinational company with billions of dollars. However, the users said that they were happy not to have purchased the collectibles because it “turned out to be a blatant rug.”

Another X user believes Web2 brands running a Web3 project with a non-native team will not work. The community member urged the company to simply back an existing Web3-native project and give them the freedom to run it “the Web3 way.”

Meanwhile, a community member speculated why the NFT project was shut down. The X user thinks that Trip.com was just there to “test out the water” but realized that the market was “too small for them” and found NFTs to be a burden.

Magazine: Singapore ‘not ready’ for Bitcoin ETFs, sneaky crypto mining rig importer: Asia Express