The Rise and Controversies of Whatnot Live Auction Platform
Whatnot is a US-based live auction platform founded in 2019 by Grant LaFontaine and Logan Head. In October 2025, it was valued at $11.5 billion with investors such as DST Global and CapitalG (Alphabet). The site specializes in collectibles, notably Pokémon cards, and offers live streams featuring rapid-fire lots, "break" sessions, random "spins," and both live and non-live auctions. Sellers on the platform reported a gross merchandise value of about $6 billion in 2025, with Whatnot earning revenue from fees charged on transactions.
However, the platform has drawn criticism for gambling-like features and impulse-buy mechanics. Addiction expert Dr Steve Sharman highlighted concerns related to the high speed of auctions, lack of spending visibility, and a variable-reward system, all which may pose potential harms to users. Scalpers and artificial scarcity have also been problematic, with groups like “Crep Chief Notify,” comprised of three men in their 20s from Manchester, using bots and multiple identities to flip items including Pokémon cards and previously Oasis tickets.
The real-world impact is evident in stores such as Badger Badger in southeast London, where customers encounter high markups of up to 250% over retail prices and occasional theft attempts due to purchase limits. Whatnot states that it does not allow gambling on its platform and provides account controls to limit time and spending. The company argues that primary market prices simply reflect demand.
In comparison, eBay asserts it has strict policies to maintain fair prices for essential items, while prices for non-essential goods are determined by individual sellers on its open marketplace.
