The world of collectibles is undergoing a radical transformation, fueled by the meteoric rise of Whatnot, a live-stream shopping network revolutionizing the way people buy and sell items. Armand Wilson, Vice President of Categories & Expansion at Whatnot, reveals that the platform has seen unprecedented success, with a card being sold every second, showcasing the resurgence of sports card collecting.
The inception of Whatnot in 2019, with a primary focus on Funko Pops before expanding into sports cards and other categories, has reshaped the online collectibles market. The platform’s rapid growth has seen sellers rake in remarkable profits, with over 500 individuals earning more than $1 million in just nine months of 2024. The allure of Whatnot has even prompted some sellers to transition from traditional jobs to dedicate themselves fully to the platform.
The platform has notably thrived in the realm of baseball cards, with sellers generating astonishing sales volumes, attributing to the company amassing $2 billion in live sales. Whatnot’s innovative approach to live streaming has not only attracted sellers but also captivated buyers, fostering a dynamic and interactive shopping experience. Whatnot’s participation in “The National,” a renowned midsummer collectibles show, further solidified its position in the market, spotlighting the power of its platform.
What sets Whatnot apart is its unwavering focus on user experience, both for buyers and sellers. The platform charges an 8% commission on sales but boasts significantly higher sales volumes compared to other marketplaces, with sellers reportedly selling twice as much. The company’s belief in providing an exceptional experience for its users has been instrumental in its exponential growth, with nearly 700 employees now driving the platform’s success.
Successful stories from sellers like Geoff Wilson, who has amassed millions in sales, and young entrepreneurs like Dakota Peters, underline the platform’s potential to transform livelihoods. Trust between buyers and sellers is paramount on Whatnot, with sellers building and maintaining reputations through reliability and customer-centric practices. The platform’s reach extends globally, with hubs spread across North America and Europe, hosting an impressive 175,000 hours of live streams weekly.
One of Whatnot’s standout features, card-breaking, has captivated audiences, fostering a sense of community and engagement among collectors. The fast-paced nature of auctions, some lasting just a minute, keeps users hooked, driving repeated engagement. Whatnot has transcended being just a marketplace; it embodies a social and interactive experience, with sellers interacting with buyers in real-time, creating a loyal and diverse community of collectors. From young enthusiasts to seasoned veterans, Whatnot caters to a broad audience, solidifying its position as a market leader.
As Whatnot continues to expand and innovate, its impact on the collectibles market is undeniable. By merging the thrill of live streaming with the timeless allure of baseball cards and other collectibles, Whatnot has set a new standard in the industry, redefining how enthusiasts engage with and acquire their most coveted items.