Trip.com Shuts Down Trekki NFT Project: End of an Era for Travel-Based NFTs
In a surprising move that has sent ripples through the NFT community, Trip.com Group has announced the termination of its first NFT series, Trekki. Effective August 1, 2024, the project will cease all operations, marking the end of an ambitious venture that aimed to merge the worlds of travel and blockchain technology. This decision not only puts a halt to all development of second-phase features but also discontinues community operations and collaborative activities related to the Trekki NFT project.
The Trekki NFT series, consisting of 10,000 dolphin-themed NFTs, was designed to offer holders various experiences and benefits within the Trip.com ecosystem. With accumulated trading volumes of 556 ETH and a current floor price of 0.0034 ETH on OpenSea, the project had garnered significant attention from both NFT enthusiasts and travel aficionados. Over 2,000 unique wallets currently hold Trekki NFTs, which provided staking rewards and discounts on flights and hotel bookings, showcasing the project’s initial appeal and adoption.
Implications for Trekki NFT Holders
While the project’s termination has undoubtedly disappointed many, Trip.com has outlined some measures to mitigate the impact on existing NFT holders. Users will be able to continue claiming and using coupons until July 1, 2025, with the team maintaining the official Trekki website, discount page, and coupon redemption functions. This extension provides a grace period for holders to utilize at least some of the benefits associated with their NFTs.
However, the shutdown has not been without controversy. Some users have accused Trip.com of executing a rug pull, feeling that the company has abandoned its commitments to the project and its community. The termination leaves investors with only discount coupon functionality, a far cry from the comprehensive travel-based ecosystem initially promised. This has understandably led to dissatisfaction among those who had invested in Trekki NFTs, expecting long-term value and utility.
The Future of Travel-Based NFTs
Despite the project’s closure, the Trekki team has left the door open for potential future developments. They have not ruled out the possibility of restarting the Trekki project at some point and have hinted at the potential for additional benefits for Trekki NFT holders if new projects are launched. This statement offers a glimmer of hope for current holders but also raises questions about the viability and sustainability of travel-based NFT projects in general.
The shutdown of the Trekki NFT project serves as a cautionary tale for both companies venturing into the NFT space and investors eager to participate in novel blockchain-based initiatives. As the dust settles on this once-promising project, the broader NFT and travel industries will undoubtedly be watching closely, learning valuable lessons about the challenges of integrating blockchain technology with traditional business models in the travel sector.
