Tinder breaks up dating on Metaverse

Jakarta, Gizmology – Online dating site Tinder has abandoned plans to bring its services to the world of the Metaverse. The reason for this was sluggish business problems, followed by the resignation of CEO Renate Nyborg.

begin The edge, the results in the second quarter of 2022 were not satisfactory for the Match Group, which hosts Tinder. This is also one of the causes of Tinderverse or Metaverse version of Tinder being unavailable.

Although Tinder was so excited when it announced Tinderverse and seemed to be taking many steps to make it happen, one of them was acquiring a start-up company called Hyperconnect last year. Hyperconnect is known for having expertise in showcasing augmented reality technology, artificial intelligence and interactive video.

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“Given the uncertainty about the final contours of the metaverse, what will or will not work, and the more challenging operating environment, I have directed the Hyperconnect team to pursue new innovations but not invest in the current metaverse,” said Match Group CEO Bernard Kim announcing the resignation of Tinder and Tinderverse CEO.

Additionally, Bernard said he would carefully review plans for expansion into the Metaverse, and if there is seminal and promising potential, it’s possible Tinderverse can be realized.

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Dating room on metaverse

Tinder dating on the metaverse
Dating on the Metaverse

The Hyperconnect acquisition is expected to be one of the causes of Match Group’s poor performance in the second quarter of 2022, causing a loss of $10 million. Along with announcing the withdrawal from the Tinderverse plan and the departure of the Tinder CEO, Match Group also announced that it would not be issuing a coin called Tinder Coins as it was deemed ineffective.

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While Tinder Coins are a “currency” that can only be used within the Tinder application as a transaction tool for the online fast service, Tinder Coins are only intended to be awarded to users who are actively updating and using their profiles.

In fact, it is planned that Tinder Coins will also be used as a means of payment for premium features on Tinder such as the “Super Likes” function. Actually, the test phase was conducted with several loyal Tinder users, but it seems that this does not live up to Match Group’s expectations.

“After seeing mixed results testing Tinder Coins, we decided to take a step back and re-examine the initiative so it can more effectively contribute to Tinder’s revenue,” Bernard said.