Ghosting the Metaverse. The parent company of popular dating app Tinder says it's cutting funding for Web3-related research and development amid disappointing Q2 earnings.
Match Group, the parent company of popular dating app Tinder, says it is cutting funding for Web3-related research and development amid disappointing Q2 earnings and the departure of Tinder’s current CEO.that it will be scaling back its metaverse investments as well as scrapping plans to release an in-app digital currency called Tinder Coins.
Nyborg had planned for Hyperconnect to further develop its avatar-based “Single Town” experience as a way for Tinder users to meet and interact with one another in virtual spaces in the future. “I believe a Metaverse dating experience is important to capture the next generation of users [...] However, given uncertainty about the ultimate contours of the Metaverse and what will or won’t work […] I’ve instructed the Hyperconnect team to iterate but not invest heavily in [the] Metaverse at this time.”
“After seeing mixed results from testing Tinder Coins, we’ve decided to take a step back and re-examine that initiative so that it can more effectively contribute to Tinder’s revenue.”
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