Whatnot, which bills itself as the best marketplace for collectors and enthusiasts on the internet, recently raised a $20 million funding round led by A list VC Andreessen Horowitz.
According to TechCrunch's Whatnot raises $20M for its livestreaming platform built for selling Pokémon cards and other collectibles:
"The company currently focuses primarily on Pokémon cards, Funko Pops, FigPins and sports cards, but they mention things like comic books, video games and vintage hardware as natural fits."
And yes, we have no idea what "Funko Pops" or "FigPins" are, but they must be collectible.
The company says the online marketplace targets person-to-person commerce. Key quote from one of their press releases:
Instead of focusing on the retailer-to-consumer relationship, Whatnot builds peer-to-peer connections within existing communities, driving high adoption and conversion. While some sellers on Whatnot are small businesses, 90+% of Whatnot sellers are enthusiasts who buy and sell their favorite items as a hobby or side-hustle.
In addition to a traditional online marketplace, Whatnot also offers livestreaming.
Think of it as the TV shopping network meets the iPhone, with the video coming from people at home streaming their sales pitches for their collectibles.
There's been a surge in interest in collectibles since the beginning of the pandemic. While this surge will likely subside once the pandemic is over, the collectibles market is large and will continue to grow.
Whatnot is yet another example of an online marketplace helping people turn their interests and passions into side businesses.
eBay also started as a person-to-person marketplace but evolved into a site dominated by businesses. It will be interesting to see how Whatnot evolves.