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. His new CEO, Bernard Kim, has announced that he intends to curb Tinder’s efforts in terms of metaverse and digital currency.


Tinder’s metaverse project is on hold for now

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

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

I believe a dating experience metaverse is important for capturing the next generation of users. […] But uncertainty about the contours of the metaverseand its ability to work or not, prompted me to ask the Hyperconnect teams […] don’t invest heavily in the metaverse.

The Hyperconnect company was acquired by Tinder in 2021 in order to develop new features thererelated to augmented reality and artificial intelligence. Previously, a metaverse was in preparation, called Single Town.

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

πŸ‘‰ To go further – Metaverse: understanding these virtual worlds based on blockchain and NFT

Investing in real estate on the blockchain

Only $ 50 to get started

Discontinued Tinder Coins

Another change of course: the company abandons its “Tinder Coins”, a virtual digital currency that he had started 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 re-examine this initiative. […] We also want to think about virtual goods to make sure they can truly promote the next stage of growth from Tinder.

The results of Tinder were in fact less good than expected and the company is therefore cutting some initiatives to raise the bar.

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

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

published by editions Larousse

toaster icon

Source: MatchGroup

Newsletter 🍞

Get a cryptocurrency news summary every Sunday πŸ‘Œ And that’s it.

What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliates. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of the use of a good or service highlighted in this article. Investments related to cryptocurrencies are risky in nature, readers should do their own research before taking any action and invest only within the limits of their financial capabilities. This article does not constitute investment advice.

Leave a Comment