Adobe has officially confirmed a $20 billion acquisition of Figma, a web design application, in an attempt to compete with its biggest rival. Figmas products will be combined with some pre-existing features, such as photography, illustration, and video technology, according to the creative design software company. Adobe offers paid features such as After Effects, Behance, Illustrator, Photoshop, and Premiere Pro. Adobe and Figma working together is transformational, and it will undoubtedly accelerate the overall vision for collaborative creativity, said Adobe CEO Shantanu Narayen. For its part, Figma, which was founded in 2012, expects to generate more than $400 million this year. Kleiner Perkins, Index Ventures, and Greylock Partners have all previously invested in web design platforms. Dylan Field, Figma CEO, seemed enthusiastic about the collaboration, believing there is massive potential for both parties as well as features designers who can gain a lot from this collaboration. The combination of the two companies may even result in more NFT initiatives before long. In fact, Adobe already entered the NFT sector when the company announced last October that it would integrate an NFT preparation feature into Photoshop. Among other things, the option will allow users to prove ownership of their NFTs.
