Toy touts, random spins and frantic bidding: the murky side of live auction site Whatnot
Whatnot is a live auction platform founded about six years ago in the US by Grant LaFontaine and Logan Head. It blends eBay-style auctions with livestream shopping, featuring live streams by amateur sellers, dozens of quick lots, and rapid bidding combined with real-time chat. The platform also includes break sessions with blind 'spins' for items such as Pokémon cards and footballer memorabilia.
In October 2025, Whatnot was valued at $11.5 billion following a funding round involving investors such as DST Global and CapitalG (Alphabet). For 2025 so far, the platform has reported a gross monetary value of $6 billion, earning revenue through fees. Besides live streams, Whatnot offers 'buy it now' options and non-live auctions.
Concerns have been raised about the gambling-style mechanics of the site. Experts warn that the fast pace, lack of visible spending data on the main screen, and a variable reward system can harm mental health. While Whatnot states it does not allow gambling, it provides account controls and wellbeing resources to users. A Mumsnet user described debts of £7,500 and an overdraft of £1,500 caused by Whatnot use, highlighting potential risks to families. Whatnot emphasizes the availability of tools to limit time, spending, and promote wellbeing.
Issues around scalping and artificial scarcity have emerged, focusing on groups like 'Crep Chief Notify,' three men in their 20s from Manchester who resell sought-after items including Pokémon cards using multiple identities and bots. This group was previously known for promoting Oasis tickets.
The retail impact includes reports of high markups, up to 250%, on popular cards. eBay enforces fair-pricing policies for essential items, while Whatnot defends the secondary market as reflecting demand.
