Tinder puts its metaverse and digital currency project on hold

While many large companies are moving to Web3, Tinder is currently following the opposite trend. Its new CEO, Bernard Kim, has announced that he intends to curb Tinder’s initiatives regarding the metaverse and digital currency.


Tinder’s metaverse project has been put on hold for now

The news was announced in a letter to shareholders of MatchGroup, the group that owns the Tinder brand. Bernard Kim announces The departure of Renate Nyborg, the former CEOand describes the company’s new organization and its new priorities.

And the metaverse is no longer a part of it, if we are to believe a succinct explanation from the new CEO:

I believe a metaverse based on dating experiences is important to capture the next generation of users. […] But uncertainty about the contours of the metaverseand its ability to work or not made me ask the Hyperconnect teams […] not investing heavily in the metaverse.»

The company Hyperconnect had been acquired by Tinder in 2021 to develop new functionalities llinked to augmented reality and artificial intelligence. A metaverse – called Single Town – was previously in preparation.

Bernard Kim clarified that he asked the teams to continue evaluating the domain for the metaverse and that Tinder plans to return to it “when we have clarified the global optionsTranslation: Tinder doesn’t think the metaverse has proven itself enough to invest heavily.

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Discontinued Tinder Coins

Another change of direction: the company is abandoning its “Tinder Coins”, a virtual digital currency that she had begun testing in the app. The CEO laconically explains that the latter would not generate the expected income:

After having mixed results with Tinder Coins, we decided to take a step back and reevaluate this initiative. […] We will also think about virtual goods to ensure that they can really promote the next phase of growth from Tinder.»

The results of Tinder have actually been less good than expected, and the company is therefore cutting some initiatives to raise the bar.

We feel here the ambivalence that the companies still have regarding the metaverse and related technologies. They want to take advantage of the new opportunities presented, but the still uncertain definition of this sector, which is very young, may make some hesitate.

👉 On the same topic – Meta’s metaverse is doomed, according to Vitalik Buterin

published by editions Larousse

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Source: MatchGroup

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