What is Whatnot? The Live Shopping App Exploding in 2025

If you haven't heard of Whatnot yet, you are missing one of the biggest shifts in ecommerce since the rise of Shopify.

While headlines focus on TikTok Shop, a dedicated marketplace app has quietly built a massive, hyper-engaged empire. It is not just another place to list products; it is a live, twenty-four-seven auction house that feels more like a video game than a store.

Whatnot is growing fast. In November 2025 alone, downloads grew 541% versus November 2024, reaching 1.61 million new installs in a single month.

It has evolved from a niche platform for Funko Pop collectors into a global live shopping juggernaut moving billions in gross merchandise value (GMV). For ecommerce founders, this signals a critical trend: the line between entertainment and shopping is gone.

While livestream shopping has already exploded in markets like China and Southeast Asia, Whatnot shows how that model is now taking hold in the US and other Western markets, blurring the boundaries between ecommerce, social media, and entertainment.

In this article, we will break down how the platform works, the numbers behind its rise, and whether you should treat it as a serious sales channel.

What is Whatnot? (eBay Meets Twitch)

At its core, Whatnot is a live shopping marketplace, a mashup of eBay’s auction mechanics and Twitch’s live streaming interactivity.

Sellers go "live" on video to auction items in real-time. Unlike traditional ecommerce where a customer browses a static catalog, a Whatnot session is an event.

The host might be cracking open packs of rare trading cards, showcasing vintage streetwear, or running "sudden death" auctions where items sell in seconds.

From Niche to Mainstream

The platform launched in 2019 with a focus on a single, obsessive community: Funko Pop collectors. The founders bet that enthusiasts didn't just want to buy items; they wanted to verify authenticity and hang out with other fans.

That bet paid off. Whatnot mastered the "trust" verification process for collectibles and quickly expanded. Today, it covers over 250 categories. While it is still huge for mobile app market statistics in the collectibles space, it has aggressively moved into:

• Fashion and Beauty: Now one of its fastest-growing segments.
• Sneakers and Streetwear: Where hype culture drives massive auction volumes.
• Electronics: Reselling refurbished or overstock tech.
• Luxury Goods: Authenticated handbags and watches.

It creates a "FOMO" (fear of missing out) environment that static websites simply cannot replicate.

How Does It Work? The Mechanics of Live Selling

If you open the app, you don't see a grid of product photos. You see a feed of live video streams. Here is how the mechanics drive sales volume that traditional retailers can only dream of.

Live Auctions and Speed

The heart of the app is the live auction. A seller holds up an item, starts a timer, and viewers bid in real-time.

• Sudden Death: Sellers can run auctions that last just 10–15 seconds.
• Bidding Wars: Every time a bid comes in late, the timer extends slightly, creating adrenaline-fueled wars.
• Buy It Now: Sellers can pin items for immediate purchase, but the action is usually in the bidding.

Breaks and Mystery Boxes

In categories like trading cards, sellers host "breaks." A buyer purchases a "spot" in the break, and the host opens sealed packs live on camera. The buyer gets whatever cards belong to their spot (e.g., a specific team or player). It turns shopping into a gamble and a spectator sport.

Community and Chat

This is the "social" part of social commerce. Viewers aren't just buying; they are chatting with the host and each other. They follow their favorite sellers and get push notifications every time they go live.

This creates a habit loop that is incredibly powerful for retention, something we often discuss when analyzing the benefits of mobile apps for DTC brands.

The Numbers: Is Whatnot a Real Contender?

It is easy to dismiss live shopping as a fad, but the data suggests otherwise. Whatnot has put up numbers that make it a serious player in the US ecommerce landscape.

Revenue and Valuation

The platform has attracted massive capital from top-tier investors like Andreessen Horowitz and Y Combinator.

• In early 2025, Whatnot raised a Series E round at a $4.97 billion valuation.
• By late 2025, reports indicated a valuation climbing even higher, reaching $11.5 billion.
• TechFundingNews reports that the platform has secured nearly $1 billion in total funding.

Sales Volume (GMV)

• Estimates show Whatnot hitting $359 million in revenue in 2024, growing over 100% year-over-year.
• The platform facilitated approximately $3 billion in Gross Merchandise Value (GMV) in 2024, according to data from Sacra.
• The company targets $6 billion in sales in 2025.
• During Black Friday 2025, the platform generated over $75 million in sales in a single day.

User Growth and "Stickiness"

The most impressive metric isn't just the money; it's the attention.

• The average user spends nearly 80 minutes per day in the app.
• Top sellers are generating millions in annualized revenue.
• According to the U.S. Chamber of Commerce, this retention is driven by the community aspect, where small businesses act as micro-influencers.

These ecommerce mobile app statistics outperform almost any traditional retail app on the market, showing that the gamification of shopping works.

Get the numbers on how apps outperform mobile web in our mobile apps vs mobile websites breakdown

Whatnot vs. TikTok Shop

If you follow ecommerce trends, you are likely comparing Whatnot to TikTok Shop. Both are fighting for dominance in the US live shopping market, but they are fundamentally different beasts.

The "Commerce-First" Difference

TikTok started as an entertainment app and later layered in commerce. Most users still open it primarily to be entertained, and product discovery happens as part of that experience.

• TikTok Shop leverages massive algorithmic reach. A video can go viral to millions of people who weren't looking to buy anything.
• Whatnot is a destination app. Users open it specifically to shop. The intent is commercial from the moment they click the icon.

Different Audiences

• TikTok skews broadly Gen Z and mainstream. It is great for low-AOV impulse buys, viral beauty products, and gadgets.
• Whatnot dominates the "enthusiast" economy. It is for collectors, hobbyists, and people looking for specific, often higher-value items like rare sneakers, vintage luxury bags, or graded comic cards.

As noted by eMarketer, while TikTok Shop is driving the "awareness" of live shopping, dedicated platforms like Whatnot are where deep, community-based commerce is thriving.

Should Your Brand Sell on Whatnot?

Today, Whatnot is still dominated by independent resellers and small businesses, rather than major retail brands. But that’s exactly what makes it interesting: it’s a glimpse of where mainstream ecommerce could be heading, as larger brands begin to experiment with live shopping the way they already have with TikTok Shop.

If you are a DTC ecommerce brand, should you be rushing to set up a Whatnot account?

The answer is: It depends on your product and your team.

Benchmark your own app plans against the report on how many ecommerce stores actually have mobile apps

The Case For "Yes"

1. Inventory Liquidation: Running a "Mystery Box" or "Vault Sale" can clear thousands of units in an hour without degrading your site premium.
2. Hype Launches: For streetwear or limited-run fashion, live drops create frenzy.
3. Customer Intimacy: It puts a face to the brand, building deep loyalty.

The Case For "No"

1. Talent Intensive: It requires a charismatic host who can talk non-stop for hours. Without one, you will fail.
   
2. Margin Compression: Between fees (roughly 8% + 2.9%) and auction deals, margins will be lower.
3. Audience Mismatch: If you sell commodities or utility items, the auction format adds little value.

The Strategy: Test It and Build Retention

Right now, the smart move is to keep a close eye on Whatnot and run small tests if your brand fits live selling.

If you sell collectibles, fashion, beauty, sneakers or hype-driven drops, it is worth trying a few shows and seeing how fees, discounts and host time stack up against the results.

Whatnot could become the next major ecommerce channel in the same way TikTok Shop has taken off, but you should not rely on it for long term customer relationships. Use each sale to move buyers into your own ecosystem.

Add inserts and QR codes to your packaging, invite people to join your email list or SMS program, and point them toward your own branded app for early access and perks.

Get the mobile app loyalty and retention playbook to turn superfans into long term VIPs

Final Thoughts

Whatnot is a fascinating glimpse into the future of shopping. It shows that consumers are craving connection, entertainment, and "gamified" experiences, not just efficient checkout flows. Its 541% year-over-year download growth and 1.61 million new installs in November 2025 show that this trend is only accelerating.

As more established ecommerce brands test live shopping, platforms like Whatnot could evolve from niche collector hubs into mainstream sales channels, much like TikTok Shop is becoming for social commerce. It’s part of a broader global trend where ecommerce, entertainment, and social media are merging into a single experience.

However, for serious ecommerce brands, a third-party marketplace should never be your only strategy. While Whatnot offers reach, it also charges fees and owns the customer.

The best brands use Whatnot to build hype and acquire new fans, while driving their most loyal customers to their own mobile app.

A dedicated app gives you similar notification power, but with far fewer competitor distractions and full control over your customer relationships and first-party data.

If you want to learn how to promote your ecommerce mobile app and build a retention channel you actually control, Whatnot is a great inspiration, but it shouldn't be your only play.