News hardware Tinder is backtracking on its metaverse and virtual currency project
If, however, you dreamed of going on a date in a virtual 3D world, know that the experience will surely not be signed Tinder. The dating application that had the ambition to realize the metaverse of lovers has finally thrown in the towel.
In a logic of web3 development, the company had planned plans on the comet for the application to the flame. The project was simple: carry out encounters through avatars in a virtual 3D environment. Thus, the application wanted to develop real “matches in the metaverse” in the era of web3. Concretely, the experience would have allowed users to interact in real time in virtual reproductions such as bars.
However, this surprising project will surely not see the light of day in the next few months, or even the next few years.
“Given the uncertainty of the ultimate contours of the metaverse and what will and will not work, as well as the more challenging operating environment, I asked the Hyperconnect team to iterate, but not to invest heavily in the metaverse at the moment. says Bernard Kim, CEO of Match Group.
This sci-fi movie idea had taken shape following the acquisition of Hyperconnect by Match Group, the parent company of Tinder. The Korean start-up specializing in virtual reality and artificial intelligence had been bought for 1.73 billion dollars. With its expertise, the company would have served as a fulcrum for the launch of a future metaverse.
However, the group had to revise these ambitions downwards for various reasons…
Tinder’s parent company in trouble
This news comes as the results of Match Group, the parent company of Tinder, are not encouraging. With a loss of $10 million at the end of the second quarter of 2022, Match Group believes that the Hyperconnect subsidiary must focus on subjects other than the metaverse.
As a bonus, the dating application Tinder is facing a real restructuring since CEO Renate Nyborg announced her departure recently, for reasons still unknown.
For these different reasons, the group has decided to backtrack on the metaverse, but also on its virtual currency: the Tinder coin.
Tindercoin: virtual currency is not a success
The metaverse is not the only Tinder project to take on water… In 2021, Tinder introduced Tinder Coins in some countries like Australia. This virtual currency makes it possible to obtain privileges on the application. It is obtained by spending time on the application or simply by making a purchase on the store. The strategy behind Tinder Coin is to encourage users to spend more time on the app.
However, after this test phase, the group also decided not to develop this feature internationally:
“After seeing mixed results when testing Tinder Coins, we decided to take a step back and re-examine the initiative so it can contribute more effectively to Tinder revenue. We also intend to think more about virtual goods to make sure they can be a real driver for Tinder’s next stage of growth,” explains Bernard Kim.
Despite these somewhat reassuring announcements, the group is not categorical since it intends to wait for “the right moment” to deploy its new features. Therefore, if Tinder takes up the challenge, it’s not impossible that you will one day meet your soul mate in their metaverse…