Tinder to take down its metaverse, and cryptocurrency plans! | Watch story to know more!
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Tinder failed to execute its metaverse concept.
The firm loses millions of dollars in last quarter and CEO steps down as well.
Match group, the parent company of popular dating app 'tinder', reported loss in last quarter.
They gave up on plans of developing Metaverse dating app as well as in-app Tinder coins. The previous CEO Nyborg had set an ambitious plan of Tinderverse to create a virtual dating world.
The previous year, Tinder acquired a company that works in Augmented reality technology, named Hyperconnect, to enter the Metaverse space.
After the downfall, CEO has instructed Hyperconnect team to not invest heavily on their Metaverse idea as they're uncertain if it will work or not.
The team will continue to work on the Metaverse project but it will be launched only after extreme evaluation and high chances of succeeding.
The revenue was stable, still the earnings went down and didn't met the expectations of analysts.
Tinder suffered during pandemic and lockdown, while post lockdown period saw a spike of rise but again went down in 2022.
The CEO discusses the plan of rolling out more aggressive features like live video as well as "alibi" dating and they hope to see rise in numbers of New users.