Tinder scraps metaverse dating plans

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Match Group, the parent company of the dating app, Tinder has announced a series of decisions, including a step back from its metaverse dating plans. The firm is also scrapping Tinder’s plans to offer in-app Tinder Coins currency. The decisions come amid a disappointing second-quarter earnings. Additionally, Tinder CEO Renate Nyborg, who took the top job less than a year ago, will be leaving the company. 

In the second quarter, Tinder’s shares were down by 22%. Match Group stated that its acquisition of Hyperconnect led to an operating loss of $10 million. While the year-on-year growth in total revenue was up 12%. Tinder is taking a step back from its metaverse plans. Moreover, Kim said he has instructed Hyperconnect to scale back.

Tinder will not be releasing its virtual currency, Tinder Coins. Kim said that owing to the “mixed results” from Tinder Coin test runs, the company is taking a step back and re-examining the initiative. 

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