Tinder gives up on Metaverse idea and virtual currencies

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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.

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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