I think it will absolutely compete, they are using different tech. And even though others may be using NGC chips, Seal is using the chips from the company that owns 80% of the market place because their tech is above and beyond.
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The sad reality of crypto is that superior tech often gives way to other factors, notably first mover advantage. BTC is an excellent example: we all know that it's one of the oldest and slowest blockchains around, yet it still holds about 40% of the crypto market in terms of value.
But good luck to Seal, I wish them well. I would like to think that for crypto to work, we must embrace the good new techs as they come out and not get stuck in the old ways. It would certainly also help us to remain decentralised.