You mean which Figma replaced in the market, because they were not limited to a native app?
This is imo a cautionary tale that being a native app primarily is a bad idea in this year.
You mean which Figma replaced in the market, because they were not limited to a native app?
This is imo a cautionary tale that being a native app primarily is a bad idea in this year.
From the user perspective Figma is great, and I might say it’s even better. However, all that came from throwing more money into the problem, I believe. Figma just won because they invested unlimited money into this, while Sketch might be self-funding, if I’m correct here. To me this is rather ‘money is a very nice asset to have’ kind of thing.
Very different strategies. Sketch has been self-funding and sustainable from day 1. They have had 20m funding recently, but a fraction of Figma's 749m.
Figma lost over 1bn in Q3 on revenues of 274m. Share price is down 70% from IPO 3 months ago.
It's also clear from Figma's latest product releases - a grab bag of unfinished AI tools and a laughably shoddy website builder - that their primary audience is investors and not end users. I don't think the market of product designers is large enough to support their valuation and have any hope of making a decent return unless they diversify rapidly into other areas and try to become the next Adobe. Meanwhile Canva and more AI native tools are busy biting at their heels.
Speaking as a daily user, I hope they stay around long-term and don't enshittify themselves too much. But I'm not optimistic.