Tinder and Bumble are going crazy over cryptocurrency and the Metaverse

Sharp-elbowed IT companies are eager to get on the metaverse bandwagon from every angle. Two of the most well-known names in the dating app industry have come to the conclusion that the metaverse could be a perfect fit for their business models. Whitney Wolfe Herd, the founder and CEO of Bumble, broke the news to investors during a quarterly profit call this week when she started talking about metaverse and Web 3.0. She clarified that Bumble BFF, a friend-finding tool, was getting a futuristic makeover.

Tariq Shaukat, the company's president, elaborated on the metaverse ideas and hinted that crypto might play a part in the future of dating applications. "Bumble BFF gives us a platform for Bumble to become a leader in the Web 3.0 world," the CEO said. In the long run, it becomes a method for members to take control of their Bumble experience. This could happen as individuals navigate the metaverse, through the groups they form, the virtual goods and experiences they gain, or new methods of owning their identity."

"We're looking at this from a Web 3 perspective in the metaverse." I'm sure someone will create a more virtual experience, and we'll be happy to participate and be present when they do so using avatars and other technologies. But, in the short term, we think the application of blockchain and crypto in general to the experience that our comrades have is incredibly exciting.

Bumble's announcement came just days after Match, the Tinder dating app's operator, announced its own ambitions to establish a dating-focused metaverse realm featuring avatars, augmented and virtual reality elements, and more to be included in the Tinder app.

Shukat did not give a direct answer when asked about Bumble's crypto plans, instead implying that the company had "some interesting things up our sleeve" – and spoke in more general terms about the need to promote "decentralisation" and give the "engineering community both inside and outside of the company" some "level of ownership and participation."

Again, there will be a crypto bent: tinder currencies will most likely constitute the economic backbone of this new paradigm. In its Q3 earnings call, Match indicated that it was already testing the tokens in numerous regions, including Europe.

Tinder users will be able to use the coins to increase their profile exposure and pay for Super Like features. Users will be given money to incentivise in-app actions, according to the business.

However, dating app behemoths aren't the only ones with an opinion on the metaverse. According to Morgan Stanley, the metaverse is on track to "fundamentally disrupt the medium through which we socialise with others," according to Business Insider. Companies are currently constructing their own "thriving" versions of the metaverse, according to the firm's Equity Strategist Edward Stanley, but "genuine" metaverse is unattainable without interoperability.

"It will take many years and cross-company collaboration to allow people to move smoothly across millions of experiences and carry their digital avatars and possessions with them," he said. (shaukat)