Tinder to Metaverse: It’s not you, it’s me. No really, it’s me, I messed up so much it hurts.
Tinder’s foray into the Metaverse has stalled as the company breaks left into dating in the virtual world.
Tinder is an annoying app. On the one hand, it’s full of scams and bots, and trawling to find the love of your life can be like wading through a dumpster. On the other hand, many people have found their eternal love on the app. And what better ending than that? A lot of GenZ kids exist today because their parents were right-wing.
So the natural evolution of this dating app, you’d think, is to create a Tinderverse, where love hopefuls could meet in virtual worlds. Or maybe not.
Tinder’s parent company, Match Group, rejected the idea of Metaverse. This comes after Match Group issued major buyer’s remorse following its huge purchase Hyperlink.
The account for this romantic experiment was not so happy. Match paid $1.7 billion for the Seoul-based company. The idea was that Hyperconnect could bring Tinder into the Metaverse without friction. Obviously, it wasn’t money well spent. It was this massive debt load that is believed to have caused disappointing earnings last quarter and put an end to the Tinderverse idea.
Not only was Tinder destined to enter the metaverse, the dating app also had plans for a native encryption, called Tinder Coins.
In a shareholder letterMatch Group CEO Bernard Kim said their pursuit of Tinder coins is dead in the water.
“After seeing mixed results from testing Tinder Coins, we decided to take a step back and re-examine this initiative so it can more effectively contribute to Tinder’s revenue. We also plan to think more about virtual goods to ensure they can be a real driver for Tinder’s next leg of growth and help us unlock untapped power users on the platform.”
At the time of Hyperconnect’s purchase, all things Web3 were in the midst of a huge hype. Shar Dubey, former CEO of Match Group, said at the time: “Hyperconnect’s breakthrough technology has already forged new ways for the next generation to make friends and interact with new people, regardless of borders and language barriers. Our immediate goal is to accelerate the growth of Hyperconnect while deploying its technology across our portfolio, helping to ensure that people around the world have access to the best products to meet new people and create happy connections.”
Tinder is currently without a CEO. Until last week, he was the CEO of Tinder Renate Nyborg, who is leaving the company after less than a year in the hot seat. The ‘triggers’ are strong in this one and we look forward to it as yet more tea has not been spilled.
While younger people have lost interest in Tinder, their interest has piqued Hingeanother dating app owned by Match.
Says Kim, “The team prides itself on delivering on its ‘Designed to Delete’ brand promise. They want users to try the app, match, go on great dates, and then delete the app. This is how the product is structured and it has been a very successful formula. There is no doubt that Hinge is a particularly bright spot in our portfolio, with significant potential for global growth.”
Despite the rise in Hinge followers, the outlook for Match Group’s next quarter is not good. So, Tinder users, be prepared for all the upselling to go premium. Alternatively, you could ditch the dating apps and go out and meet other people IN PERSON. Imagine the horror.
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