Tinder has decided to move away from its aspirations of exploring the Metaverse and virtual currencies.
One of the leading dating apps, Tinder, has retracted its initiatives regarding digital currency and the Metaverse after Match Group revealed financial struggles in their Q2 results. CEO Renate Nyborg will exit the company, having served for less than a year.
In a Letter to Shareholders In a discussion about shifting focus, Match Group's CEO Bernard Kim noted that while the potential for a Metaverse dating experience is evident, the unpredictable nature of the space has led them to take a more cautious approach:
"I think a Metaverse dating platform could really resonate with future users, especially with Hyperconnect's innovations in this field,\" Kim noted. \"But with the current ambiguities surrounding the Metaverse's evolution and the challenges in the operational landscape, I’ve advised the Hyperconnect team to develop ideas without making significant investments at this stage.\"
He added that the company would keep monitoring developments in the Metaverse and revisit the concept when conditions are clearer.
Just last year, Tinder acquired Hyperconnect, a tech-focused firm known for its capabilities in AR, WebRTC, and AI technology.
It appears Kim shares similar sentiments with Vitalik Buterin, who recently suggested that it’s premature to forecast the Metaverse's future. said Tinder had previously experimented with its virtual currency, reporting varied outcomes. The dating service implemented an in-app token intended for users to purchase premium features and earn rewards, although this currency wasn’t blockchain-based. The company mentioned that they would reconsider embracing virtual currencies in the future.
Moreover, Tinder plans to introduce virtual products and adjust its product development strategy for the upcoming half-year. dating app The goal was to create a seamless experience between online and offline dating, yet the app has struggled to define a concrete vision for its Metaverse integration.
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In line with the Trust Project guidelines Agne is a journalist dedicated to covering the latest trends and innovations in the metaverse, AI, and Web3 sectors for Metaverse Post. She has a knack for storytelling that has led her to engage with industry experts, always aiming to reveal captivating and intriguing narratives. Holding a Bachelor’s degree in literature, she boasts a varied writing background that spans travel, art, and culture. Agne has also lent her editorial skills to an animal rights group, raising awareness about animal welfare. Feel free to reach out to her at.
