• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Industry / Technology / Tinder Is Backing Down From Its Metaverse and Web3 Plans
Tinder Is Backing Down From Its Metaverse and Web3 Plans

Tinder Is Backing Down From Its Metaverse and Web3 Plans

August 5, 2022 by Goku

The parent firm of the famous dating app Tinder, Match Group, has announced that it would reduce investment in Web3-related research and advancement in light of the business’s weak Q2 results and the departure of Tinder’s current CEO.

Match Group CEO Bernard Kim stated in a letter to investors on Tuesday that the company will be reducing its investments in the metaverse and abandoning plans to launch Tinder Coins, an in-app digital currency.

The move also coincides with Renate Nyborg, the first female CEO, quitting her position. Renate had originally outlined ambitions to launch the “Tinderverse” after purchasing the video-AI and augmented reality business Hyperconnect in 2021.

1 w5u v1xa1Q2d8L5T PNt9A png
Tinder Is Backing Down From Its Metaverse and Web3 Plans 3

Nyborg had envisioned Tinderverse

In order for Tinder customers to connect and communicate with each other in the future, Nyborg had envisioned Hyperconnect expanding its avatar-based “Single Town” experience.

While Kim did not specifically specify why Nyborg left, he did note that during the previous few quarters, the dating platform “has not been able to realize the monetization success that we generally provide.”

Kim stated in his letter that Match Group will keep an eye on the Metaverse but would rather wait till the “right time:”

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.”

Tinder Coins, an in-app digital currency, had also been canceled, according to Kim, because of “mixed outcomes” from testing.

To guarantee that they can be a true engine for its next leg of development and help us uncover the platform’s latent power users, he continued, “We also aim to do more thinking on virtual products.”

“We’ll continue to carefully assess this market, and when the time is right and we have greater clarity on the entire potential and believe our service is well-positioned to succeed, we’ll think about going forward.”

Filed Under: Technology, Industry Tagged With: Metaverse, Tinder, Web3

Primary Sidebar

Recent Posts

  • Shiba Inu Rally Ahead? SHIB Targets $0.00001765 as Bulls Defend Support June 19, 2025
  • ONDO Price Holds Strong Support, Eyes Bullish Breakout Toward $3 June 19, 2025
  • Ethereum Eyes $3,000 After Testing Critical Wyckoff Resistance Zone June 19, 2025
  • Best Crypto Casinos Canada: 5 Most Trusted Canadian Casino Sites For Gamblers (Exclusive Bonuses) June 19, 2025
  • Dogecoin Triggers Rare Bearish MACD Crossover; Eyes Drop to $0.12 June 19, 2025

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2025 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.