NFT
Trip.com Faces Backlash Over NFT Project Termination
Thursday. July 18 at 3:30 AM
1 min. readSingapore-based travel service conglomerate Trip.com received backlash from the crypto community for ending its non-fungible token (NFT) project, Trekki. The project's official account announced its termination on Aug. 1, canceling Phase 2 plans and community operations. Despite this, benefits like discount coupons will still be available for holders. The floor price of Trekki NFT dropped by over 70% post-announcement, leading to community frustration. Members criticized Trip.com for backing out of the project and questioned its motives. Some suggested that Web2 brands should support Web3-native projects instead. Speculation arose about Trip.com's reasons for shutting down the NFT project, with some believing it was due to market size limitations. The incident highlights challenges faced by traditional companies entering the crypto space. In related news, Asia Express reported on Singapore's caution towards Bitcoin ETFs and a sneaky crypto mining rig importer.