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Metaverse and Tinder cryptocurrencies will have to wait a little longer

With Editor of DailyBitcoin

Matching Group decided to suspend the cryptocurrency and metaverse plans for Tinder.

***

  • Match Group delayed Tinder’s metaverse plans
  • One of the reasons is that Tinder has not given the expected results
  • Cryptocurrency plans were also put on hold

Going forward in the metaverse! In February this year, Compatible Group, the company behind popular dating apps like Tinder, Tell Y OKCupid, announced that andhe was working to expand his business to the metaverse and be able to offer its users virtual dates and experiences to find a partner.

However, it now appears that the plans are being delayed, according to a letter sent to shareholders. Apparently, Matching Group suspending or dragging its feet on its plan to have the service accept cryptocurrency and enter into metaphysical dating. One reason has to do with it the “disappointment” in the results of the Irish Language League Tinder.

I published letter recently to the group’s shareholders, Bernard Kim, CEO Compatible Group, showed a cautious approach to integrating the company’s services into the metaverse despite the acquisition of the social media company last year hyper link at an estimated value of USD $1,730 million.

The CEO said that the metaverse dating experience is important to capture the next generation of users, but added,

“However, given the uncertainty of the ultimate contours of the metaverse and what will or will not work, as well as the more challenging operating environment, I have instructed the Hyperconnect team to iterate but without major investment do in the metaverse at this time. “

In the future, maybe

Also, Kim said that Match Group will “continue to carefully evaluate this space” and that he will consider moving on “The right time is when we are clearer about the overall opportunity and when we feel we have a service that can go well.”

This information was given in an unexpected news context: Kim shared her disappointment with Tinder’s Q2 2022 results and the service’s stagnant growth.

Although direct income from Tinder increased by 13% year-on-year, Kim admitted, during the reporting period, Match Group “wasn’t able to find the financial success that we usually provide.”

“Tinder’s current revenue growth expectations for the second half of the year are below our original expectations due to the disappointing execution of various optimizations and new product initiatives”said the Chief Executive.

warning signs

Kim’s letter also shows a cautious approach to shipping signs committed to their main service, declaring that, after the “mixed results” of the tests of Coins Tinderthe company decided “to take a step back and re-examine that initiative so that it can effectively contribute to Tinder’s revenue.”

“We also plan to think more about virtual goods to ensure they can be a real driver of Tinder’s next phase of growth and help us unlock untapped power users on the platform.” said.

More attractive to women

Meanwhile, Renate Nyborg, CEO Tinder, leaves the company. It is one of several management changes i Tinder announced by Group Match. Kim will assume that role until a new permanent CEO is found.

The company says it plans to develop features yet to be done Tinder be more attractive to women, including a subscription-based package that will provide “Selected recommendations”, as well as features designed to attract friends present. In other products, he will also look for new features, such as live video streaming, to drive adoption.

Sources: company letter, cryptocurrency, techcrunch, File, Archive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. It may not be suitable for retail investors as the entire amount invested may be lost. Check your country’s laws before you invest.

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