Tinder’s parent company the Match Group announced a wholesale of changes at the company, including the departure of Tinder’s current Chief Executive Officer [CEO] Renate Nyborg.
Nyborg’s departure comes after less than a year he joined the company. The parent company is not happy with Nyborg’s leadership, Tinder’s performance and where the company is heading. The Match Group CEO Bernard Kim will oversee the company while they search for a new CEO of Tinder.
Because of Crypto winter, Tinder promised to slow down and put breaks on their investment in Web 3.0 activities such as metaverse and Non Fungible Tokens [NFTs].
“Given the uncertainty about the ultimate contours of the metaverse and what will or won’t work, as well as the more challenging operating environment, I’ve instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time,” wrote Kim.
“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.”
According to Kim’s tone, one can tell that he’s not a big fan of Web 3.0.
“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,” said Kim. “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.
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