Tinder Nervous About Making Moves in the Metaverse
Tinder Metaverse
Modified Date:- Published Date:-Categories: Cryptocurrency
Tinder Nervous About Making Moves in the Metaverse
Online dating app Tinder has gone cold on its plans to hook up with the metaverse – at least temporarily – after parent company Match Group recorded “disappointing” second quarter earnings.
Match Group is also shelving its plans to offer the in-app Tinder Coin currency, while in another corporate setback, Tinder CEO Renate Nyborg has announced that she will be leaving the job after less than 12 months in the job.
The company will leave. Match Group's 2021 acquisition of artificial intelligence and augmented reality firm Hyper connect has resulted in an operating loss of US$10 million, with Tinder's Q2 share price down 22 percent.
Although total revenue posted 12 percent year-over-year growth, earnings failed to meet analysts' expectations. Nyborg unveiled the firm's ambitious 'Tinder verse' project after it acquired Hyper connect, but Match Group CEO Bernard Kim said the dating app would be treading cautiously in light of the uncertainty in the space.
As far as the Tinder Coins initiative, which was first launched in October last year, the idea is to enable users to swipe, scroll, and later spend real money on Tinder, at least initially in the US. was meant to encourage.
The in-app currency was part of Tinder's efforts to create an experience beyond its traditional "swipe left or right" signature interactive way. The feature was soft-launched in February this year but now its future is uncertain.
Last year, Tinder and other dating apps Bumble and Grindr were targeted by a crypto-related trading scam known as Crypto ROM. A bitcoin wallet belonging to attackers assisted by a victim by cybersecurity firm Sophos has revealed that as of October 2021, there was a scam worth approximately US$1.4 million in crypto.
The company’s earnings report on Tuesday was the latest indication that virtual foot traffic isn’t exactly what a pocket-sized dating app wants. In fact, Tinder has been cutting back on its plans to hook up with the metaverse altogether.