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Sequoia Capital Sees a Weakness in OpenSea’s NFT Dominance

The venture capital firm is betting on what it says is a better blockchain and a startup called Magic Eden.

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OpenSea is currently the Google Chrome of nonfungible tokens. Some top venture capitalists are hoping it turns out to be more like Netscape.

People buying or selling NFTs, the keys to owning digital assets, most frequently do so on OpenSea. It has 43% of the market, with $23.3 billion in total sales, according to an analysis of data from the research firm DappRadar. But OpenSea has a weakness, said Shaun Maguire, a partner at Sequoia Capital: It mainly relies on a less efficient blockchain, Ethereum.