Dating app parent company Match Group is slashing funding amid disappointing second-quarter earnings and the departure of Tinder’s CEO.
In a letter to shareholders, Match Group CEO Bernard Kim said the company will be scaling back investments in the metaverse as well as scrapping plans to launch a digital currency called Tinder Coins.
Tinder CEO Renate Nyborg recently left the holding. It was she who announced the creation of Tinderverse in 2021, shortly after acquiring video AI and augmented reality company Hyperconnect. Nyborg planned that Hyperconnect would continue to develop the avatar-based One City experience so that Tinder users could meet and interact with each other in virtual spaces.
“I believe that the metaverse dating experience is important in attracting the next generation of users. However, given the uncertainty about what the product should look like in the end and what will work and what won’t, I told the Hyperconnect team to keep working but not invest heavily,” Kim wrote.
The Match Group will focus on creating virtual goods until they have a clear plan for the metaverse.
Earlier, the first virtual crypto ATM was opened in the Decentraland metaverse for exchanging fiat currencies into digital currencies.
Source: Bits
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