NeoSwap Pre-Seed Investment
Gossamer Capital is excited to announce its pre-seed investment in NeoSwap.
Co-authored by Chris Burger.
An entrepreneur’s insight
For John Ennis, a Ph.D. mathematician and successful AI entrepreneur, the concept of neo-barter, that is, multi-party peer-to-peer trading, was forged in a unique family experience. Dr. Ennis’s father, also a mathematician did not assign Christmas gifts to particular children. Rather, each child would open a gift at random. The children then had to face the challenge of exchanging the gifts so each was happy.
The inspiration for Dr. Ennis was borne out of the incredible difficulty he and his siblings had in exchanging presents to the satisfaction of all involved. The seeds that would germinate into NeoSwap were planted many years ago and have been growing ever since.
Making illiquid assets liquid
According to The Block, trading volume of non-fungible tokens (NFTs) surpassed $13 billion in 2021. Yet 65% of NFTs on secondary markets never sell. What if there was a way to exchange these unwanted but valuable goods for wanted goods?
Today, NeoSwap is a multisided marketplace that allows peer-to-peer NFT swaps that result in each participant receiving exactly their desired value. Users decide which NFT they wish to trade, provide an estimated value, and then they approve which NFT they will receive in return. NeoSwap utilizes machine learning, smart contracts and blockchain transparency to facilitate multiway swapping at scale (it’s kind of magical).
Below is a visualization of the first fully-executed simultaneous trade with 20 users, possibly in human history.
While NeoSwap is first tackling the multi-billion dollar problem of NFT illiquidity, there is economic value locked in illiquid form throughout the economy — from homes and automobiles to apparel and commodities. As digital and physical items are increasingly tokenized, NeoSwap will enable illiquid assets to move fluidly thereby unlocking enormous value.
Gossamer Capital is thrilled to support NeoSwap alongside a growing list of venture capital partners. John is assembling an incredible team that includes industry leaders in mathematics, machine learning, smart contract development and online marketplaces. You can signup to experience a NeoSwap here!
