Adobe announces acquisition of Figma to take on its rival

Adobe intends to integrate characteristics such as videography, illustration, and technological advancements into Figma’s product lines. Adobe offers paid characteristics such as Premiere Pro, Behance, Photoshop, and Illustrator.

According to Adobe General manager Shantanu Narayen, the merger of Figma and Adobe is revolutionary and will speed up their vision for collaborative creativity.

As per CNBC, Figma, established in 2012, expects to generate more than $400M in 2022. Greylock Partners, Kleiner Perkins, and  Index Ventures have invested in digital design systems.

Dylan Field, Figma’s Chief operating officer, appeared enthusiastic about the collaborative efforts. He declared there’s an immense opportunity for both businesses and feature developers to benefit from these collaborative efforts, he clarified to Bloomberg.

The truth that this purchase occurred during an international market recession does not concern David Wadhwami, Adobe’s President of Digital Media Business. He thinks Figma is among the top firms to acquire right now because it is positive cash flow and a gross dollar return rate of more than 150%.

Even more NFTs in the future

The combination of the two businesses may result in even more NFT projects. Adobe has already entered the NFT video game. The business stated last October that it would integrate a plan as an NFT alternative into Photoshop. The alternative would be named Content Credentials, enabling, among many other things, to produce proof of NFTs. Vendors of digital gems could connect their virtual currencies account to the Adobe ID, proving the validity of NFTs if NFT markets check it.

Behance, some social networking site for graphic creators and designers, has also received a virtual currency refresh, allowing customers to add virtual currencies wallets to one‘s market portfolio. The technology platform also stated that it would look into continuing to support a few blockchain networks, including Flow, Tezos, Solana, and Polygon. Behance introduced assistance for Polygon’s public ledger to enable users to display Polygon-based NFTs. The platform for social media stated that they decided on MATIC because of its environmentally responsible approach to digital gems for artists.

NFTs rapidly took the globe by storm, with applications in many businesses. NFTs fastly has become a favorite in the entertainment world, constructing on the groundwork laid by the public ledger and utilizing the strength of modern media. The entertainment industry is discovering what NFTs could accomplish in a significant direction.