Tinder ghosts its plans for the Metaverse and in-app currencies

Match Group, the parent company of internationally popular dating app Tinder, has announced the decision to take a step back from its Metaverse dating plans as well as the release of an in-app digital token called Tinder coins.

In a publicly issued shareholder letter issued by Match Group’s new CEO Bernard Kim, he announced that Match Group would continue to keep an eye on the Metaverse as he believes that ‘a Metaverse dating experience is important to capture the next generation of users’, However, he cited uncertainties surrounding its future and potentials. 

On the in-app digital token plans that involved the launch of Tinder Coins, he explained that testing the tokens have resulted in ‘mixed results’. As such, the company is retreating from the plan to reexamine the initiative so it can effectively contribute to the company’s financial growth. 

‘We also intend to do more thinking about virtual goods to ensure that they can be a real driver for Tinder’s next leg of growth and help us unlock the untapped power users on the platform. We’ll continue to evaluate this space carefully, and we will consider moving forward at the appropriate time when we have more clarity on the overall opportunity and feel we have a service that is well-positioned to succeed.’he added.

The announcement comes at a time when CEO Renate Nyborg is leavingMatch Group after joining in September 2021.

The company also reported a 12% increase in total revenue on a year-on-year basis in Q2 2022 to US$ 795 million, alongside an operating loss of US$ 10 million due to impairments relating to its Hyperconnect acquisition.