• Market Cap: $1,147,582,248,408.18
  • 24h Vol: $39,538,817,544.19
  • BTC Dominance: 44.72%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Swiping left: Tinder pulls back on Metaverse dating plans

Jon Hartney by Jon Hartney
August 4, 2022
in Bitcoin, Blockchain, Business, Market
0

Bitcoiners who are optimistic about Senate cryptocurrency legislation should remain skeptical of the legislators who want to regulate the

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Disappointing financial results have seen Tinder lay off its current CEO, slash funding to metaverse development, and ditch plans for its virtual currency Tinder Coins.

Match Group, the parent company of popular dating app Tinder, says it is cutting funding for Web3-related research and development amid disappointing Q2 earnings and the departure of Tinder’scurrent CEO. 

In a letter to shareholders on Aug. 2, Match Group CEO Bernard Kim revealed that it will be scaling back its Metaverse investments as well as scrapping plans to release an in-app virtual currency called Tinder Coins.

Related articles

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

June 8, 2023
Polygon Labs president testifies on democratizing the internet with Web3, blockchains

Polygon Labs president testifies on democratizing the internet with Web3, blockchains

June 8, 2023

The move also comes alongside the resignation of Tinder CEO Renate Nyborg, the company’s first female CEO that had initially set out plans to introduce the “Tinderverse” after acquiring a video-AI and augmented reality company called Hyperconnect in 2021.

Nyborg had planned for Hyperconnect to further develop its avatar-based “Single Town” experience as a way for Tinder users to meet and interact with one another in virtual spaces in the future.

While Kim did not explicitly state reasons for Nyborg’s departure, he highlighted that Tinder “has not been able to realize the monetization success that we typically deliver” throughout the past few quarters.

In his letter, Kim said that Match Group would continue to watch the Metaverse space but would prefer to wait for the “appropriate time.”

“I believe a Metaverse dating experience is important to capture the next generation of users […] However, 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.”

Kim went on to disclose that plans to release an in-app virtual currency, Tinder Coins had also been scrapped due to “mixed results” from testing.

“After seeing mixed results from testing Tinder Coins, we’ve decided to take a step back and re-examine that initiative so that it can more effectively contribute to Tinder’s revenue.”

“We also intend to do more thinking about virtual goods to ensure that they can be a real driver for Tinder’s next leg of growth and help us unlock the untapped power users on the platform,” he added.

Related: Want a compelling use case for privacy blockchains? Look no further than dating

“We’ll continue to evaluate this space carefully, and we will consider moving forward at the appropriate time when we have more clarity on the overall opportunity and feel we have a service that is well-positioned to succeed.”

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.

Match Group stock is down 11.39% over the last five days to $63.24 at the time of writing.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

by Jon Hartney
June 8, 2023
0

Enjin chief technology officer Witek Radomski said the new blockchain aims to promote creativity by facilitating the

Polygon Labs president testifies on democratizing the internet with Web3, blockchains

Polygon Labs president testifies on democratizing the internet with Web3, blockchains

by Jon Hartney
June 8, 2023
0

The US House Committee explores blockchain and Web3’s future as industry leaders testify on democratizing the

US federal court dismisses lawsuit against DeFi platform PoolTogether

US federal court dismisses lawsuit against DeFi platform PoolTogether

by Jon Hartney
June 8, 2023
0

The DeFi community funded the protocol's legal defense through a $14 million nonfungible token sale back in 2022

EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter

EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter

by Jon Hartney
June 8, 2023
0

The largest European consumer rights group alleges crypto marketers on popular social networks use misleading

GameStop fires CEO Matt Furlong months after axing crypto push

GameStop fires CEO Matt Furlong months after axing crypto push

by Jon Hartney
June 8, 2023
0

The executive, once instrumental to the company’s NFT efforts, was “terminated” amid lackluster Q1 earnings

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

June 8, 2023
Polygon Labs president testifies on democratizing the internet with Web3, blockchains

Polygon Labs president testifies on democratizing the internet with Web3, blockchains

June 8, 2023
US federal court dismisses lawsuit against DeFi platform PoolTogether

US federal court dismisses lawsuit against DeFi platform PoolTogether

June 8, 2023
EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter

EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter

June 8, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • NFT platform Enjin forks Polkadot parachain Efinity to new mainnet June 8, 2023
  • Polygon Labs president testifies on democratizing the internet with Web3, blockchains June 8, 2023
  • US federal court dismisses lawsuit against DeFi platform PoolTogether June 8, 2023
  • EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter June 8, 2023
  • GameStop fires CEO Matt Furlong months after axing crypto push June 8, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$26,465.00-0.51%
  • ethereumEthereum(ETH)$1,844.06-0.76%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.14%
  • binancecoinBNB(BNB)$261.93-3.92%
  • usd-coinUSD Coin(USDC)$1.000.05%
  • rippleXRP(XRP)$0.52-1.40%
  • staked-etherLido Staked Ether(STETH)$1,842.15-0.79%
  • cardanoCardano(ADA)$0.327063-3.15%
  • dogecoinDogecoin(DOGE)$0.0680290.08%
  • solanaSolana(SOL)$18.71-5.69%
  • matic-networkPolygon(MATIC)$0.78-1.75%
  • tronTRON(TRX)$0.0776450.34%
  • litecoinLitecoin(LTC)$87.86-1.97%
  • polkadotPolkadot(DOT)$5.01-2.30%
  • binance-usdBinance USD(BUSD)$1.00-0.01%
  • avalanche-2Avalanche(AVAX)$13.92-3.32%
  • shiba-inuShiba Inu(SHIB)$0.000008-0.01%
  • daiDai(DAI)$1.000.10%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,546.00-0.17%
  • uniswapUniswap(UNI)$4.62-2.12%
  • leo-tokenLEO Token(LEO)$3.52-0.05%
  • chainlinkChainlink(LINK)$5.98-1.92%
  • cosmosCosmos Hub(ATOM)$9.54-4.26%
  • okbOKB(OKB)$44.50-1.38%
  • moneroMonero(XMR)$144.87-0.61%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • ToncoinToncoin(TON)$1.65-0.14%
  • ethereum-classicEthereum Classic(ETC)$16.97-1.11%
  • stellarStellar(XLM)$0.087082-2.14%
  • bitcoin-cashBitcoin Cash(BCH)$111.59-0.29%
  • true-usdTrueUSD(TUSD)$1.000.12%
  • lido-daoLido DAO(LDO)$2.19-7.07%
  • internet-computerInternet Computer(ICP)$4.16-3.18%
  • filecoinFilecoin(FIL)$4.12-3.92%
  • quant-networkQuant(QNT)$111.26-3.89%
  • crypto-com-chainCronos(CRO)$0.059440-0.40%
  • AptosAptos(APT)$7.73-3.28%
  • hedera-hashgraphHedera(HBAR)$0.048426-1.66%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • ArbitrumArbitrum(ARB)$1.13-2.37%
  • vechainVeChain(VET)$0.017814-3.31%
  • nearNEAR Protocol(NEAR)$1.41-3.97%
  • apecoinApeCoin(APE)$2.90-1.61%
  • the-graphThe Graph(GRT)$0.113536-1.76%
  • paxos-standardPax Dollar(USDP)$1.000.33%
  • fraxFrax(FRAX)$1.00-0.06%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • eosEOS(EOS)$0.890.98%
  • rocket-poolRocket Pool(RPL)$47.48-1.58%
  • the-sandboxThe Sandbox(SAND)$0.485727-4.81%
  • elrond-erd-2MultiversX(EGLD)$35.00-2.77%
  • blockstackStacks(STX)$0.650.72%
  • algorandAlgorand(ALGO)$0.123212-7.21%
  • optimismOptimism(OP)$1.37-2.97%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,980.30-0.67%
  • aaveAave(AAVE)$59.44-2.09%
  • render-tokenRender(RNDR)$2.23-3.95%
  • fantomFantom(FTM)$0.291493-2.08%
  • tezosTezos(XTZ)$0.84-3.25%
  • decentralandDecentraland(MANA)$0.418386-5.23%
  • theta-tokenTheta Network(THETA)$0.76-2.08%
  • usddUSDD(USDD)$1.000.01%
  • immutable-xImmutableX(IMX)$0.72-0.45%
  • axie-infinityAxie Infinity(AXS)$6.23-4.78%
  • BitDAOBitDAO(BIT)$0.483064-1.67%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.820.18%
  • radixRadix(XRD)$0.0671550.66%
  • havvenSynthetix Network(SNX)$2.12-4.42%
  • Bitget TokenBitget Token(BGB)$0.4817730.90%
  • kucoin-sharesKuCoin(KCS)$6.85-2.70%
  • flowFlow(FLOW)$0.63-4.32%
  • neoNEO(NEO)$8.99-2.98%
  • galaGALA(GALA)$0.025947-2.52%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • curve-dao-tokenCurve DAO(CRV)$0.76-2.75%
  • bitcoin-cash-svBitcoin SV(BSV)$30.29-0.39%
  • gemini-dollarGemini Dollar(GUSD)$1.000.02%
  • gatechain-tokenGate(GT)$4.09-0.95%
  • terra-lunaTerra Luna Classic(LUNC)$0.000097-1.45%
  • makerMaker(MKR)$627.92-0.37%
  • injective-protocolInjective(INJ)$6.84-4.18%
  • kavaKava(KAVA)$0.96-15.95%
  • klay-tokenKlaytn(KLAY)$0.166206-6.66%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • bittorrentBitTorrent(BTT)$0.0000010.33%
  • iotaIOTA(MIOTA)$0.179719-1.57%
  • pax-goldPAX Gold(PAXG)$1,923.58-0.61%
  • Tokenize XchangeTokenize Xchange(TKX)$6.13-3.02%
  • casper-networkCasper Network(CSPR)$0.0441490.29%
  • compound-ethercETH(CETH)$36.95-0.97%
  • conflux-tokenConflux(CFX)$0.229697-3.61%
  • tether-goldTether Gold(XAUT)$1,948.27-0.76%
  • xdce-crowd-saleXDC Network(XDC)$0.0343472.80%
  • chilizChiliz(CHZ)$0.087677-4.17%
  • huobi-tokenHuobi(HT)$2.84-1.28%
  • PepePepe(PEPE)$0.000001-2.78%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • gmxGMX(GMX)$51.16-2.52%
  • Halo CoinHalo Coin(HALO)$0.057345-0.05%