Disappointing second quarter reports have pushed Tinder’s parent company, Match Group, to make several modifications to it’s management team. Tinder CEO, Renate Nyborg also revealed that Metaverse investments will no longer be a priority for the dating giant.

Tinder’s first step into the web 3.0 world was previously designed by Renate who launched an ambitious “Tinderverse” project after purchasing a video-AI and augmented reality firm last year. However, the CEO of Tinder’s parent group, Bernard Kim has announced that Tinder will shut down the project for now due to uncertainty in the metaverse.

Bernard Kim said in a recent letter to shareholders that Tinder was able to succeed at monetization. Bernard also said that the team has been instructed to evaluate and study the Web3.0 and Metaverse space carefully to understand it better in a bid to improve the app’s overall productivity and upward trajectory.

The Tinder Coins initiative is another of the company’s brainchildren that will be scrapped. Tinder’s idea of a virtual currency was first floated in October 2021 with a view towards creating an experience beyond Tinder’s traditional swipe method. The project was soft-launched in February and will now be taken down. The decision to scrape Tinder’s Metaverse ambition and Tinder Coins project coincides with the departure of the company’s first female CEO, Renate Nyborg.

Bernard Kim attributed Tinder’s poor second quarter numbers to poor execution on several optimizations and new initiatives. Tinder shares are currently down by 22%. However, the company recorded a 12% year-on-year growth in total accrued revenue in 2022 Q2 while it was still operating at a $10 Million loss due to its Hyperconnect acquisition impairments.

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