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Swiping left: Tinder pulls back on Metaverse dating plans

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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.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.

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