The world of collectibles has found a new hero in Whatnot, the live-stream shopping network that has been shaking up the industry one card at a time. Armand Wilson, Vice President of Categories & Expansion at Whatnot, disclosed the platform’s skyrocketing success, attributing much of it to the resurgence of sports card collecting. With a card being sold every second on the site, it’s evident that Whatnot has struck gold, or rather, “cardboard gold.”
Wilson revealed that the baseball cards category stands out as one of the biggest on the platform, contributing significantly to its popularity. Sellers on Whatnot have made an impressive $2 billion in live sales in just the first nine months of 2024, with over 500 sellers exceeding the $1 million mark. Some sellers have even transitioned from their traditional jobs to devote themselves full-time to the platform, showcasing the immense opportunities Whatnot provides.
Whatnot’s journey began in 2019, with a primary focus on Funko Pops before diversifying into various categories, including sports cards. Wilson highlighted that the core aim was rectifying the challenges buyers faced when purchasing collectibles online, especially with prevalent fraud in the market. The platform’s expansion into sports cards has been seamless, with the average buyer collecting a remarkable 12 items per week.
A pivotal moment for Whatnot was its participation in “The National,” a prominent midsummer collectibles show. By replicating the convention floor on its app, Whatnot attracted thousands of sellers to showcase their inventory live, allowing buyers to engage with sellers in a dynamic manner. This innovation not only showcased the platform’s capabilities but also solidified its position in the market. Wilson emphasized, “We demonstrated the power of our app by bringing our sellers together.”
Despite an 8% commission on every sale, sellers on Whatnot have reported considerably higher sales volumes compared to other platforms. Wilson emphasized that sellers on Whatnot generally sell twice as much as they do elsewhere, owing to the platform’s emphasis on enhancing user experience for both buyers and sellers. The success of Whatnot stems from prioritizing user satisfaction over competition, aiming to provide an exceptional experience for all users.
The exponential growth of Whatnot is apparent, with the company expanding from fewer than 10 employees when Wilson joined four years ago to nearly 700 employees today. Baseball cards have played a significant role in propelling this growth, as Wilson highlighted the irresistible appeal of sports cards in the online shopping realm.
The success stories of sellers on Whatnot further underscore the platform’s potential. Geoff Wilson of Cards HQ near Atlanta has achieved $2.5 million in sales since opening his expansive showroom and studio earlier in the year. Similarly, Dakota Peters, a 25-year-old entrepreneur from Boca Raton, transformed her Instagram hobby into a thriving business on Whatnot, hosting over 400 live shows, each averaging $10,000 in revenue.
Trust is a fundamental pillar of the Whatnot platform, with an emphasis on fostering trust between buyers and sellers. While the platform does not directly authenticate products, sellers nurture their reputations by upholding high standards and promptly attending to customer concerns. Wilson reiterated the importance of trust-building for sellers to thrive on Whatnot.
Headquartered in Culver City, California, with hubs across North America and Europe, Whatnot has ascended as a global powerhouse. Hosting a staggering 175,000 hours of live streams weekly—800 times more than QVC—and generating nine times more sales for sellers compared to other platforms, Whatnot has become a force to be reckoned with in the world of collectibles. Buyers also spend an average of 80 minutes daily indulging in live streams on the platform.
One of Whatnot’s acclaimed features is card-breaking, where a group divides a card box and opens packs together, fostering community and engagement among collectors. The brisk pace of auctions, some lasting only a minute, keeps users engaged and eager for more excitement, embodying the thrill of the collectibles market.
For many collectors, Whatnot transcends being merely a marketplace—it’s a social and interactive experience. Sellers engage with buyers in real-time, addressing them personally and catering to their interests, thus building a diverse and loyal audience. Whatnot has succeeded in attracting a wide range of collectors, from young enthusiasts in their 20s to seasoned aficionados in their 70s, showcasing its broad appeal and inclusivity.
As Whatnot continues to expand its horizons, it is evident that the platform has redefined the landscape of collectibles. Seamlessly blending live-streaming entertainment with the timeless allure of baseball cards, Whatnot has emerged as a frontrunner in the thriving collectibles market, captivating audiences worldwide.
