Match Group, which is the parent company of Tinder, announced to stop plans to adopt virtual currencies and metaverse-based dating.
"Given 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," said Match Group CEO Bernard Kim.
Kim admitted in a shareholder letter late on Tuesday that the dating app has not been able to realise its typical monetization success over the past few quarters.
He announced the departure of Nyborg, announcing changes to the management team and structure.
"While we search for a permanent Tinder CEO, I will oversee a newly formed team of executives who will manage day-to-day operations and will ensure the Tinder organisation is well coordinated, ships great new features at increased velocity and delivers on Tinder's promise," said Kim.
Kim has asked Amarnath Thombre, CEO of Match Group Americas, to advise the senior team on "Tinder product roadmap and growth drivers".
"Thombre has more than 15 years' experience across Match Group. He was heavily involved in Tinder's key successes, especially in designing high impact monetisation features such as the Boost feature and Tinder Gold subscription, and more recently has overseen the phenomenal success of Hinge following our acquisition, said the Match Group CEO.
Total revenue grew 12 per cent over the prior year quarter to $795 million.
"Tinder Direct Revenue grew 13 per cent over the prior year quarter driven by 14 per cent Payers growth to 10.9 million," said the company.
(With inputs from IANS)