Tinder has put its metaverse and digital currency project on hold

While many large companies have moved to Web3, Tinder is now following the opposite trend. Its new CEO, Bernard Kim, has announced that he intends to curb Tinder’s initiatives in terms of the metaverse and digital currency.


Tinder’s metaverse project is on hold for now

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

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

I believe that a metaverse based on dating experiences is essential for capturing the next generation of users. […] but uncertainty about the outlines of the metaverseand its ability to work or not, prompted me to ask the Hyperconnect groups […] don’t invest too much in the metaverse.»

The company Hyperconnect was acquired by Tinder in 2021, to create new tools llinked to augmented reality and artificial intelligence. A metaverse – called Single Town – was in preparation.

Bernard Kim clarified that he asked the teams to continue evaluating the metaverse domain, and that Tinder plans to return to it “when we are clear about the opportunities in the world“. Translation: Tinder doesn’t think the metaverse has proven itself enough to invest heavily.

👉 To continue – Metaverse: understanding these virtual worlds based on blockchain and NFTs

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Tinder Coins has been discontinued

Another course change: company abandons “Tinder Coins”, a virtual digital currency that he started testing the app. The CEO explains laconically that the latter will not generate the expected income:

After mixed results with Tinder Coins, we decided to step back and re-evaluate this initiative. […] We also want to think about virtual objects to make sure they can actually initiates the next phase of growth from Tinder.»

Tinder’s results were actually less good than expected, and so the company cut some initiatives to raise the bar.

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

👉 On the same topic – The metaverse of Meta will be destroyed, according to Vitalik Buterin

published in editions Larousse

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Source: MatchGroup

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