Tinder's foray into the Metaverse has stalled as the company scrolls left on virtual world dating.
Tinder is a nasty app. On the one hand, it's full of deceit and bots. Finding love in your life through it is like picking a litter box. On the other hand, many people have found their undying love in the app. What could be a better result than this? Today, there are many Gen Z kids who swipe right because of their parents.
So you might think that the natural evolution of the dating app is to build a Tinderverse where people looking to fall in love meet virtually. Maybe not.
Tinder's parent company, MatchGroup, has already brought the idea of metaverse dating to life. MatchGroup purchased Hyperconnect in large quantities, and later there was a strong resonance of customer regret.
The bill for this romantic experiment was not so pleasant. Match paid $1.7 billion for the Seoul-based company. The idea is that Hyperconnect will allow Tinder to enter the Metaverse frictionlessly. Clearly, the money was poorly spent. It was this massive debt that was credited with driving last quarter's disappointing earnings and ending the Tinderverse's thinking.
Not only does Tinder represent an entry into the metaverse, but the dating app also plans to develop a native digital currency called TinderCoins.
Match Group CEO Bernard Kim said in a shareholder letter that they were right that Tinder's pursuit of the coin had fallen through.
[After seeing mixed results from testing TinderCoins, we decided to take a step back and revisit the scheme, which could be dealt with more effectively. Tinder is truly driving the next phase of growth and helping us unlock untapped power users on the platform."
When buying Hyperconnect, Web3. Everything is in a huge cycle. Former Match Group CEO Shar Dubey said at the time: "Hyperconnect's forward-looking technology creates a new way for the next generation to make friends and interact with new people regardless of national borders and language barriers. Our near-term goal is to increase the speed of Hyperconnect. Deploying their technology across our portfolio helps ensure that everyone, everywhere, has the best merchandise to make new friends and connect with joy."
Currently, Tinder has no CEO. Until last week, Tinder's CEO was Renate Nyborg, who left the company in less than a year, and this time around, the "fired" vibe is strong, and we're eagerly awaiting more tea before it's spilled.
While young people lost interest in Tinder, they lost interest in Hinge interest that inspired Match, another dating app.
Kim said, [The team takes pride in delivering on their brand promise of design deletion. They want customers to try the app, match up, date, then delete the app. It`s how the product is built, and it`s been a very successful formula. Nothing. Doubtless, Hinge is a unique bright spot in our portfolio with significant global growth potential."
Despite the stronger fan numbers for Hinge, it's right that MatchGroup has a bad estimate for future quarters. Tinder shoppers, be fully prepared for all upsells. Or, you can ditch the dating apps and get out and get to know people. Imagine the horror.
