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Whatnot, similar to eBay, started in collectibles but sees room to go into all types of merchandise, with plans to expand into electronics and wine, beer and liquor. Its sellers range from hobbyists to professionals, with the biggest outfits on the platform operated by 20 to 30 people. Whatnot approves about 30% of applications, said LaFontaine, with new sellers completing a training before they can launch on the site. It also asks for information about from where the seller gets their supply. The company likes to see people who have prior experience, such as owning a comic book store or being a known social media influencer in the space. In an effort to foster trust and safety on the platform, individuals have to complete an extensive application before they can sell on Whatnot. Toy figurines made by Funko, like this Star Wars character Captain Cassain Andor offered exclusively at Comic Con, have become popular among collectors. “At the same time, it has very strong commerce metrics, in terms of conversion to buying and repeat buying.” “The data is closer to social media levels of engagement, in terms of amount of time spent on the platform and daily active usage,” she said. It has managed to attract a devoted community of buyers and sellers who spend both time and money on the platform, according to Sturdy. While the company would not disclose financials, it said it takes an 8% cut on sales and is not profitable. Whatnot has been the fastest-growing marketplace in the nation for the past two years, according to the Marketplace 100 list assembled by Andreesen Horowitz. “You can actually talk to someone, you can see objects as they are. “I think livestream shopping is the closest you can get to the in-person retail experience,” said LaFontaine. The average livestream lasts two to three hours, with some sellers moving thousands of products during that time. The company, which started out as a struggling marketplace for Funko Pop toys and had to temporarily relocate to Phoenix because it couldn’t raise any money, now offers livestream shopping sessions in more than 70 categories, including sneakers, watches, vintage fashion and rare coins. In one livestream, 2,300 viewers check out and bid on rare cards.

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