Tinder backs up metaverse. Farewell to projects to bring dating into virtual reality. Between the last disappointing quarter and the specter of an impending recession, Match Group simply has no money to waste on risky and potentially failing projects.
The ambitious project involved a series of initiatives to bring the world of dating into virtual space. First, Tinder had to launch a digital currency (not crypto) called Tinder coins. The currency can be spent within the dating app to purchase a variety of services and benefits.
For the past few months, Tinder had bought an augmented reality startup called Hyperconnect. The Match Group also wanted to create a metaverse for people looking for love: it should have been called single city. In the end, nothing is done with either initiative.
Match Group prefers to focus its resources on Tinder’s core business, strengthening the dating app and boosting sales 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 initial experiments with the Tinder Coin currency produced unsatisfactory results, another reason why the company was reluctant to continue investing in it.
Source: Lega Nerd