The big vision of NeoSwap is to dramatically increase the efficiency of secondary markets. In the real world, this is about used goods. There’s an enormous amount of waste when it comes to used goods in the real world. 50% of items donated to thrift stores are never used again. 70-85% of high fashion ends up in landfills.
You have all this stuff that could be used by someone else, but it gets stuck in people’s houses. In the NFT world, Web3 makes the sort of thing we want to do very natural. With NFTs, the issue is: people have a lot of trouble selling their NFTs. “Used NFTs,” or pre-owned NFTs, are harder to sell. 65% of used NFTs don’t sell. NFT Liquidity is what we are solving for with NeoSwap.
We solve this with a framework. We have “parties” - any community can host a party - people list the NFTs they are trying to sell, they can bid on other NFTs. They can set a spending limit. Sometimes there are complex multi-way trades.
You can check out our Twitter feed
, we’ve done hundreds of trades on the Stacks blockchain. These provide value to everyone in the room and they provide rich data. We use this data to train an AI to propose multi-way trades outside of these parties. With inventory liquidation, you have all these stores that sell things they can’t sell to a warehouse where it’s sent out to try to sell again. We get rid of the warehouse.
You also have a lot of 3-way trades, where each person wants something that one of the other 2 people have. There can be a seamless trade within this grouping.
These parties are fun. We didn’t expect this, but it’s fun to see the connections people are making; it’s like a real party. Economic and social activity have always overlapped, but in Web2, that went away. Things became 2-sided. With Web3, you have an all-sided marketplace - like how people used to come together to the town square to sell goods and socialize.