Tinder may have "swiped left" from its plans to create its own metaverse.
Match Group has said it is withholding Tinder's objectives for metaverse dating and abandoning plans to provide an in-app Tinder Coins currency in the wake of unsatisfactory financial results for the most recent quarter, as reported first by The Verge.
The Tinderverse Plan
CEO Bernard Kim of parent company Match Group also revealed that Tinder CEO Renate Nyborg, who became the dating app's first female chief exec just last September, will resign from her job.
Nyborg had grand aspirations for Tinder's version of the metaverse, which she dubbed the "Tinderverse." TechCrunch reported that Nyborg later cited Hyperconnect's avatar-based "Single Town" experience as a way Tinder's users might one day be able to connect with other people in virtual spaces.
It is worth noting that Tinder purchased Hyperconnect last year, a company that specializes in artificial intelligence, video, and augmented reality technology. This acquisition could significantly help Tinder's ambitions of building a metaverse.
But Kim said he has now told Hyperconnect to take a step back. He has given the Hyperconnect team instruction to "iterate" but not to make any significant investments in the metaverse at this time.
"We'll continue to evaluate this space carefully, and we will consider moving forward at the appropriate time when we have more clarity on the overall opportunity and feel we have a service that is well-positioned to succeed," Kim said.
No More Tinder Coins?
The in-app money that Tinder had expected would drive increased spending on the platform, Tinder Coins, was not spared from the bad news as well.
Tinder's coin system was to reward users for using the app frequently and updating their profiles while making coins available for direct purchase.
The premium Tinder features, such as Super Likes, would then be taken in exchange for them. The functionality had undergone a soft rollout in a select number of international regions as of February this year, according to The Verge.
Kim said the business is currently rethinking its Tinder Coins ambitions. He also said in the earnings report that the firm chose to take a step back and re-examine this attempt to better contribute to Tinder's revenue after finding inconsistent results from testing Tinder Coins.
The dating platform was supposed to make this feature available in the third quarter of this year, but with the current challenges they are facing, it was ultimately withheld together with its metaverse plans.
Related Article : Tinder Sets Up New Virtual 'Blind Date' Feature
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Written by Joaquin Victor Tacla
