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OpenSea cuts 20% of staff as crypto layoffs continue

Yahoo Finance Video

Yahoo Finance's Akiko Fujita discusses OpenSea layoffs amid the fallout in the crypto markets.

Video transcript

AKIKO FUJITA: Well, before we go to break, more bad news coming from the crypto industry's OpenSea. The world's largest marketplace for NFTs is cutting about 20% of its staff. OpenSea joins other crypto firms to announce major job cuts, including Coinbase, Gemini, and Crypto.com. OpenSea plans to provide severance and healthcare coverage into 2023 and accelerate equity vesting for employees who were let go.