Multialgebras have been much studied in mathematics and in computer science. In 2016 Carnielli and Coniglio introduced a class of multialgebras called swap structures, as a semantic framework for dealing with several Logics of Formal Inconsistency that cannot be semantically characterized by a single finite matrix. In particular, these LFIs are not algebraizable by the standard tools of abstract algebraic logic. In this paper, the first steps towards a theory of non-deterministic algebraization of logics by swap structures are given. Specifically, a formal study of swap structures for LFIs is developed, by adapting concepts of universal algebra to multialgebras in a suitable way. A decomposition theorem similar to Birkhoff’s representation theorem is obtained for each class of swap structures. Moreover, when applied to the 3-valued algebraizable logics J3 and Ciore, their classes of algebraic models are retrieved, and the swap structures semantics become twist structures semantics. This fact, together with the existence of a functor from the category of Boolean algebras to the category of swap structures for each LFI, suggests that swap structures can be seen as non-deterministic twist structures. This opens new avenues for dealing with non-algebraizable logics by the more general methodology of multialgebraic semantics.