25-year old Pokemon card collector Shane looks for deals. He does this by scrolling through Instagram and Facebook. All the hosts fire off speeches about product specs and pricing. Shane watches and hopes his comment gets noticed by the host.
The record high for the most expensive Pokemon card auctioned is $375,000. This card was in a Japanese tournament in 1998. The card found its way to eBay with a starting bet of $150,000.
Several platforms are already available for auctions. Social media platforms like Instagram and Facebook are two of the most popular.
Whatnot is a community marketplace where you can buy, sell, go live and geek out with collectors
Both platforms have become inundated with live streams of people selling products. Sellers have become creative in terms of presentation. Using spinning platforms and studio-grade lighting fixtures, they can start selling novelty items.
Collectors and item traders type in comments about pricing and features. Hosts of these live stream events respond in a way to attract more viewers. The number of viewers is a good indication of potential customers.
Whatnot capitalized on this trend. Features like bidding, payment options, and delivery have an integration on the app.
The most prominent items on the platform include Funkopop and Pokemon cards. For card collectibles, Whatnot has a specialized feature called Card Break.
The app is heavily modeled after the features already found on social media. Users can follow a host or users for updates regarding a product. Each user has his or her own profile which they can modify to inform customers of a niche.
Whatnot users place their bids on a product. If they win the auction, the app directs them with simple steps to add it to their orders. Winners of multiple auctions can have their orders bundled to save money.
Upon login, Whatnot helps users find and explore a niche. The novelty items undergo verification and live authentication. This helps avoid scams, for the security of both buyer and seller.
The app’s service gears toward sellership. Biddings are final and buyers cannot request a cancellation. Hosts can set up live shows on the go, or schedule them.
Here are some items people can choose from:
- Funko Pop
- Sports Cards
- Video Games
- YugiOh Card
- Magic The Gathering Cards
- Comic Books
- Marvel Cards
- Dragon Ball cards
WhatNot’s infancy started in 2019. It currently has 10 investors and saw investment flowing in in the second quarter of 2020. In the first quarter of 2021, investments totaled more than $20 million. Company dividends are at the lowest of $0.2.
The app is available on both Android and iOS platforms. Referrals to the app grant users a $3 coupon.