In a Tuesday letter to shareholders, Tinder’s parent company Match Group announced that it was backtracking on its earlier plans to venture into the Web3 space.
Although Match Group's chief executive officer Bernard Kim expressed his conviction that a “metaverse dating experience is important to capture the next generation of users,” he said there was currently uncertainty over what will or will not work. In the meantime, his company will continue to “evaluate” the space “carefully” and will retest the metaverse waters when there is “more clarity on the overall opportunity.”
Kim’s comments appear to align with the sentiments of Vitalik Buterin. Earlier this week, the Ethereum co-founder warned that corporate attempts at building the metaverse are bound to fail. Singling out Mark Zuckerberg and Meta, Buterin argued that it was too early to know what people want.
As per the announcement, the dating app company blamed its decision on a number of factors related to its earnings in the second quarter as CEO Renate Nyborg decided to leave the firm. And in addition to scrapping its metaverse plans, the company will no longer be launching its much-anticipated Tinder Coins. The in-app currency was supposed to allow singletons to buy extras like Super Likes and Boosts.
A few days ago, Match Group revealed that Nyborg, who was the company’s first female head, was stepping down. Prior to her decision to leave, Nyborg was supposed to see the launch of the Tinderverse, a move that has been in the works since last year following Match Group’s acquisition of AR and AI-focused company Hyperconnect.