The venture capital industry is undergoing a significant transformation as non-consensus investing fades, according to MetaEra. Leading firms like a16z and Sequoia Capital US are transitioning to Registered Investment Advisor (RIA) structures, expanding their cross-asset investment capabilities. This shift marks a move towards scale, institutionalization, and asset management, altering the traditional venture capital landscape. The change is driven by faster information diffusion and capital concentration, which are reducing the space for non-consensus judgment. As a result, the industry is dividing into two capital systems: consensus-driven and risk-driven. The future of venture capital may hinge on its ability to maintain non-consensus judgment amidst these evolving dynamics.