Key Takeaways
- Tinder CEO Renate Nyborg recently resigned.
- Tinder will not be investing into its metaverse dating app as things stand.
The widely known dating app Tinder's conglomerate company, Match Group, has announced that it is trimming capital to scale Web3-related research and development. This announcement came in the midst of dispiriting latter-year results and the exit of the current Tinder CEO. Match Group CEO Bernard Kim sent a letter to stakeholders on August 2nd, 2022, in which he revealed that the company will reduce its Metaverse funds and abandon plans to launch an in-app digital currency known as Tinder coins.
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Nyborg's Resignation
This move aligns with the recent stepping down of Tinder CEO Renate Nyborg. Renate is the organization's first female CEO. And she initiated schemes to launch the "Tinderverse" after purchasing a video AI and augmented reality brand known as Hyperconnect last year. There were plans sketched by Nyborg to enhance the development of Hyperconnect's avatar-based "Single Town" experience as a means to enable interaction between customers in digital spaces in coming years.
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In the letter sent to the stakeholders, Kim did not expressly mention the purposes behind Nyborg's unprecedented resignation. However, he emphasized and acknowledged that Tinder has not been as productive as it was in the past. He continued by stating that Match Group will continuously keep tabs on the Metaverse space, although they will be waiting for the right time to invest again in it.
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He believes that creating a virtual-based dating experience is an intriguing way to woo the younger generation of users. But owing to the organization's last financial performance, it will not be working and investing in Metaverse as it stands. Let's know what you think about this in the comment section below.
