The parent company of popular dating app Tinder, Match Group is cutting funding for Web3-related research and development.
Match group attributes the pull back in Web3 funding to disappointing Q2 earnings and the departure of Tinder’scurrent CEO.
Match Group CEO Bernard Kim, on Aug.2, revealed that the company will be scaling back its Metaverse investments.
Match Group will also scrap plans to release an in-app virtual currency called Tinder Coins.
The move also comes alongside the resignation of Tinder CEO Renate Nyborg.
Nyborg, the company’s first female CEO, had initially set out plans to introduce the “Tinderverse”.
Match had acquired a video-AI and augmented reality company called Hyperconnect in 2021 for its “Tinderverse”.
The company reported a 12% year-on-year growth in total revenue in Q2 2022, reaching $795 million, alongside a $10 million operating loss due to impairments relating to its Hyperconnect acquisition.