Tinder gives up on Metaverse idea and virtual currencies
One of the most popular dating apps, Tinder, withdrew plans to adopt digital currencies and build a Metaverse. The decision was made after the dating corporation and Tinder’s parent company, Match Group, announced changes due to Q2 profit losses. The CEO of Tinder, Renate Nyborg, is leaving the company after managing it for less than a year.
In a Letter to Shareholders, CEO of Match Group Bernard Kim explained that they are stepping back from the Metaverse initiative because of the uncertainty:
“I believe a metaverse dating experience is important to capture the next generation of users, and Hyperconnect has been innovating in this area,” Kim wrote. “However, given uncertainty about the ultimate contours of the metaverse and what will or won’t work, as well as the more challenging operating environment, I’ve instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time.”
He then added that the company would continue evaluating the Metaverse space, returning to the idea at the appropriate time when there is more clarity.
Last year, Tinder acquired technology-driven company Hyperconnect, which focuses on AR, WebRTC, and AI.
It seems that Kim’s opinion is similar to Vitalik Buterin’s, who this week said that it’s still too early to see the future prospects of the Metaverse.
Tinder had already tested virtual currencies and reported seeing “mixed results” from its coin. The dating platform had implemented an in-app token for users to pay for premium services and gain them as rewards. However, the coin wasn’t blockchain-built. The company wrote that they would re-examine virtual currencies and might use them later. The dating app also intends to execute virtual goods and re-prioritize the product roadmap for the next half of the year.
Initially, Tinderverse was supposed to blur the lines between online and offline dating, but the dating app never came up with a clear vision for the Metaverse.
Read related posts:
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
More articles
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
