November 30, 2023

As the earnings fall low, the parent firm of Tinder considers that they may not get substantial profits on the Metaverse at the moment. Match Group (a dating giant) has declared a few alterations to its administration group simultaneous to the declining earnings during the earnings in the 2nd quarter.

Renate Nyborg, the CEO of the platform, disclosed that now is the time for the huge investments within the world of the Metaverse to go on the back foot.

Moving away from Web3 as well as the Metaverse

The initial foray of Tinder into the development related to the Metaverse as well as Web3 was formerly anticipated by the executive. She proposed the enthusiastic project named “Tinderverse” following the acquisition of Hyperconnect (a video-AI as well as augmented reality) in the previous year.

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Nonetheless, Bernard Kim (its parent firm’s chief executive officer) stated that the operations will be taken slowly by the online dating application due to the uncertainty prevailed in the industry.

A letter was issued by Kim to the shareholders in which the executive mentioned that Tinder could recognize the monetization accomplishments that are usually offered by it. While endeavoring to enhance the general product velocity and execution, the CEO ordered the group to assess the Metaverse as well as Web3 world keenly to have additional clarity.

In his words, the Metaverse-based experience of dating is very significant to attracting the consumers’ future generations and a key role has been played by Hyperconnect in this respect.

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Tinder Intends to Introduce a Virtual Currency

He moved on to say that keeping in view the uncertainty related to the Metaverse’s ultimate contours, the applicability of the services, as well as the additionally thought-provoking operating system, the Hyperconnect group has been instructed by it to rehearse however not to make heavy investment in the Metaverse space at present.

Another endeavor to be taken by the venue is Tinder Coins and the company has been considering this for some time. In October previous year, it initially proposed the concept of launching a virtual currency.

The objective of this move was to persuade the customers to utilize more time while scrolling and swiping, as well as consume real money on the services of the dating application in the jurisdiction of the United States. Its initiatives took into account the in-app currency to provide an experience beyond the only “swipe right” strategy. In February 2022, the features got soft-launched.

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