Tinder backs off on the metaverse. Goodbye to projects to bring dating into virtual reality, the Tinder Coins currency also canceled.
Tinder backs off on the metaverse . Farewell to projects to bring dating into virtual reality. Between the last disappointing quarterly and the specter of an impending recession, Match Group quite simply has no money to waste on risky and potentially failing projects.
The ambitious project included a series of initiatives to bring the world of dating into the virtual space. First, Tinder was supposed to launch a digital currency (not a crypto) called Tinder Coins . The currency could be spent within the dating app to purchase a variety of services and benefits.
In recent months, Tinder had bought an augmented reality startup called Hyperconnect. The Match Group also wanted to create a metaverse dedicated to those in search of love: it should have been called Single Town . In the end, nothing will be done with either initiative.
Match Group prefers to focus its resources on Tinder’s core business, strengthening the dating app and pushing the sale of Tinder Gold subscriptions. “We will continue to observe this new space very carefully, when the right time comes we will consider what to do,” said Bernard Kim, CEO of the group.
Kim also explained that the first experiments with the Tinder Coin currency yielded unsatisfactory results, another reason why the company didn’t feel like continuing to invest in it.