Thursday, October 6, 2022
HomeNFTAdobe to buy Figma in a merger to boost visual NFT initiatives

Adobe to buy Figma in a merger to boost visual NFT initiatives

Adobe unveils its plans to integrate some of Figma’s offerings, such as photography, illustration, and video technologies, into current components of the company’s products. Illustrator, Photoshop, Behance, Premiere Pro, and other Adobe applications all include premium add-ons that cost money.

“The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity,” Adobe CEO Shantanu Narayen said.

According to sources cited by CNBC, Figma, which just began operations in 2012, anticipates making more than $400 million this year. Many prominent venture capital firms, such as Index Ventures, Kleiner Perkins, and Greylock Partners, were among the early investors in various online design platforms.

During an interview with Bloomberg, the CEO of Figma, Dylan Field, expressed his excitement about the cooperation, stating that there is “a great potential” for both firms and benefits that designers may receive from this collaboration.

David Wadhwami, President of Adobe’s Digital Media Business, claims that he is unconcerned about the fact that this purchase agreement occurred at a period in which the worldwide market was declining. He views Figma as having a positive cash flow, and it has a net dollar retention rate that is more than 150%, which leads him to conclude that it is one of the greatest firms to purchase at this time.

Adobe plans to add “prepare as NFT” feature to Photoshop

Adobe plans to add "prepare as NFT" feature to Photoshop
Adobe plans to add “prepare as NFT” feature to Photoshop

Already, Adobe is participating in a game with non-fungible assets (NFT). The software development business made the announcement in October 2021 that it will be adding a “prepare as NFT” option to Photoshop. This feature, which will be referred to as Content Credentials, will, among other things, make it possible to demonstrate ownership of NFTs.

In the event that NFT markets examine it, sellers of digital collectibles may establish a connection between their cryptocurrency wallet and their Adobe ID, which will serve as proof that the NFTs being sold are real.

Behance, a social networking site geared at graphic designers and visual artists, has also received a crypto upgrade. Users will now be able to connect cryptocurrency wallets to their Behance portfolios. The software platform also said that it will investigate the possibility of supporting other blockchains, including Flow, Tezos (XTZ), Solana (SOL), and Polygon (MATIC) (FLOW). Behance simplified the process of showcasing non-fungible tokens (NFTs) based on the Polygon network by adding support for that blockchain this year. The social media site said that they went with MATIC because it provides artists with a “environmentally sustainable approach to produce” digital treasures.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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