Match Group Inc-owned (NASDAQ: NASDAQ:MTCH) dating app Tinder is re-evaluating its plans for a “metaverse dating experience.”
What Happened: Match Group CEO Bernard Kim In a letter to shareholders on Tuesday said he had instructed his team to hold back on plans to invest heavily in the metaverse space at this time.
The decision comes as a result of the “uncertainty about the ultimate contours of the metaverse and what will or won’t work” said Kim.
“We’ll continue to evaluate this space carefully, and we will consider moving forward at the appropriate time."
Coin Cancel: The company also plans to take a step back from its in-app virtual currency offering Tinder Coins.
After seeing mixed results from the offering, Kim said that Tinder would re-examine the initiative so that it can more effectively contribute to the company’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,” Kim said.
Tinder’s first female CEO, Renate Nyborg, will also leave the company after less than a year in the job, as per the letter.
Price Action: Match Group shares plunged 17.56% on Wednesday after missing earnings estimates. The firm posted revenue of $795 million, also missing a Wall Street estimate of $804 million.
The global cryptocurrency market saw a 0.35% increase to $1.07 trillion on Wednesday. At press time, Bitcoin (CRYPTO: BTC) was trading at $22,942 and Ethereum (CRYPTO: ETH) was trading at $1,627.
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