The dating project in the metaverse is in danger of falling apart

 The Tinder dating platform intended to develop the Tinderverse virtual universe and the Tinder Coin virtual currency, but both plans were discontinued or cancelled.

Match Group, the company behind the Tinder dating app, said it would reduce its investments in the metaverse, less than a year after the plan was launched. The person behind this ambition, CEO Renate Nyborg, will also leave the position in the near future.

Bringing the dating experience to the metaverse is the ambition launched by Nyborg after taking office last September, in the context of the whole tech world rushing to develop this new technology. Nyborg then planned to develop a virtual universe called Tinderverse, allowing users to meet, interact, and date in the virtual world. To realize the plan, Tinder bought Hyperconnect company, which develops technology in video, AI and augmented reality.

Dating in the Tinder metaverse was once expected to be a revolutionary change of the platform. Photo: webmediums
Dating in the Tinder metaverse was once expected to be a revolutionary change of the platform. Photo: webmediums

However, according to Match Group's latest announcement, they will have to "continue to evaluate this space carefully, while considering further development of the plan at the appropriate stage, once it has a better understanding." about opportunities and the possibility of success". The Hyperconnect team is also restructured and de-centralized for the metaverse. According to the income statement, the purchase of Hyperconnect caused the company to lose about 10 million USD in the second quarter of 2022.

Along with the metaverse, Tinder also canceled the plan to issue virtual currency Tinder Coins. This idea was expected to encourage users to spend more on dating apps. They can earn Tinder Coins by using real money to buy or receive rewards from activities on the app, paying for advanced features. "After seeing mixed results from testing Tinder Coins, we decided to take a step back and see if the idea really contributed to Tinder's revenue," a company representative said. .

According to analysts, Tinder's situation is quite similar to Meta's when trying to develop a virtual universe. In May, Meta also had to cut a number of projects under the Reality Labs division that specializes in metaverse. The financial r

eport for the first quarter of 2022 shows that Reality Labs continues to suffer a loss of $ 2.96 billion.

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