🛍 Is Whatnot A Social Commerce Alternative To TikTok Shop?

Livestream shopping app Whatnot just raised $265 Million at a $5 Billion valuation.

For several years — Whatnot has been home to the live selling of collectibles like trading cards, sneakers, and memorabilia.

Individual livestreamers have built large social followings on Whatnot and become their own mini-businesses. There’s an especially prevalent culture of card box “breakers” who allow people to essentially bet on unboxing card packs. New sub-brands and breaker collectives have emerged on the platform.

Whatnot still wants to eat into the market share of other marketplaces like eBay, StockX, and NTWRK but the proliferation of live commerce means that Whatnot’s TAM could eventually include broader commerce categories like apparel, beauty, and CPG.

I see this latest round as a strategic decision for Whatnot to fortify their growth in the broader consumer trend of live & social commerce.

The investors who put money into Whatnot’s most recent round are making a bet on the company’s ability to ride the growth wave of live & social commerce.

Regardless of what happens to TikTok, live & social commerce is increasingly THE way that people are going to buy things online.