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Tinder Swiped Left on introducing its dating plans on Metaverse

Tinder’s parent company, Match Group, recently announced it is laying off its current CEO while pausing investments in research and development of Web3 projects as the Q2 earnings have been very disappointing for the company.

On Tuesday, the CEO of Match Group—Bernard Kim—revealed in a letter to their shareholders that Tinder would take a step back in introducing the platform’s very own digital currency—Tinder Coins—while scaling down on the investments proposed for Metaverse.

Renate Nyborg, the current CEO of the online dating app, has recently resigned from her post. The first female CEO of Tinder had major plans for the firm after they acquired an augmented reality and video-AI-based company, Hyperconnect, in 2021. Nyborg wanted to introduce Tinderverse and take the concept of online dating to a new horizon.

Transformations that Nyborg had planned for the Tinderverse

Nyborg had anticipated using Hyperconnect as an arsenal in developing a “Single Town” with several avatars, which would have provided the Tinder users with an experience of meeting and interacting with each other while being represented by their avatars in the virtual space.

Tinder’s parent company’s CEO, Kim, didn’t give us any insight on why Nyborg resigned from her position, but he stated that Match Group had failed to realise any monetized success in the past few quarters.

In the letter to Match Groups shareholders, Kim mentioned that they would keep an eye on the Metaverse but would wait for the appropriate time to invest in the Web3 project.

Kim agrees that to capture the attention of the upcoming generation, they need to provide their users with a Metaverse-based platform. But due to the uncertainty that Web3 brings for them –they would like to investigate further before making any huge investments.