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They have an API using which you get a json representation of your files. That is the same as sketch (whose file format is essentially zipped json files).

There are paid 3rd-party tools to convert Figma to XD/Sketch and back, so you're not completely locked in. https://xd2sketch.com/

This should be higher up! Is there really no way to get your original designs out of Figma? That's pretty damning. Wow.

That goes for nearly all design software...

Not really.

I could switch to Figma from Sketch very easily because I could upload my Sketch files in Figma and Figma could deconstruct them into layers and elements with even layer names intact!

Vice versa? No.

Even Photoshop files .PSD are readable in many other photo editing apps.

Figma.. no never.

I thought “if you’re in the EU, make a GDPR request for your data”.

However, the only page I found is https://help.figma.com/hc/en-us/articles/360041060434-Genera..., which says they’re committed to your privacy, but doesn’t mention data portability.

even if they don't mention it, GDPR still applies and yours could be an interesting approach