Tinder—a well-known dating platform—has decided to not go down the metaverse route. Match Group, the company behind Tinder, has publicized the move as a corporate decision. For now, the company will be refraining from making fresh investments in the virtual space.
The move comes days after Vitalik Buterin expressed skepticism about corporate metaverses.
The decision to refrain from metaverse adoption flies in the face of Match Group’s acquisition of Hyperconnect (a startup in the Augmented Reality space) earlier, in 2021. On 2 December 2021, at the “Reuters Next” conference, the then CEO of Tinder, Renate Nyborg, had even opened up about exploring a virtual dating experience.
No more digital tokens for Tinder
Tinder’s digital asset endeavor (Tinder Coins) seems to have met a similar fate. Bernard Kim, the company’s newly appointed CEO, made the announcement regarding this.
Slated for a Q3 launch and specifically created for in-app purchases, Tinder Coins could have unlocked several NFT-based opportunities for the dating giant.
Despite being a step backwards, Kim believes that metaverse dating has the ability to be a game-changer, but there needs to be more clarity regarding the adoption rate and usability.
Match Group has revealed that acquiring Hyperconnect contributed to a Q2 2022 operating loss of $10 million. The change of plans could thus be attributed to this.
