Dating App Tinder Scraps Away Metaverse Integration
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It looks like users will have to wait a little longer before they can enjoy the metaversal dating experience.
Match Group, a Dallas-based American internet and technology company that owns Tinder a shift away from metaversal investments due to economic uncertainty.
By letter shared on August 2nd, Match Group will postpone its investment in Metaverse as well as the launch of Tinder Coin, an in-app digital currency.
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Match Group CEO Bernard Kim is also announced the retirement of Tinder CEO Renate Nyborgwho was the first woman to take this position.
The CEO had big plans for the future of Tinder and Metaverse. In 2021, Tinder acquired video AI and augmented reality company Hyperconnect, which was supposed to help Tinder launch “Tinderverse”.
Nyborg has believed that if Hyperconnect continues to develop its avatar-based “Single Town” experience, eventually Tinder can use technology to extend the user experience. By using this technology, “Tinderverse” would allow users meet and get to know each other in the Metaverse before you hang out in real life.
However, after the second quarter (Q2) financial losses, Bernard Kim has told Hyperconnect to put the brakes on this project, stating:
Given the uncertainty about the ultimate shapes of metaverses and what will or won’t work, and the more challenging operating environment, I’ve instructed the Hyperconnect team to iterate, but I’m not heavily invested in the metaverse at this time.
The future of Tinder Coin also looks pretty hazy. Initially, the company planned to release this coin as a tool to encourage significant spending on the platform.
Tinder has been expecting to give out some coins as rewards active participation in the application and keeping user profiles up to date. Additionally, users can purchase Tinder Coin directly and use it a a payment method for Tinder’s premium featuressuch as Super Likes.
However, according to the letter, the company is now reconsidering these plans:
After receiving mixed results from testing Tinder Coins, we’ve decided to take a step back and re-examine the initiative so that it can more effectively impact Tinder’s revenue.
Since the publication of the letter, Match Group’s stock has fallen by approximately 21%.