Art by Clark MillerWhatnot’s Schlock Empire Shows Digital Live Shopping Can Thrive in America
Even after investors have largely abandoned e-commerce, Whatnot has a $11.5 billion valuation and a following among hobbyists and deal hunters.
In the weird, wild world of Whatnot, the startup defying Silicon Valley’s dismal track record with live shopping, the merchants speak a unique lingo.
Whatnot is a resale market, where sellers auction off items like sports cards, last season’s suede sneakers and off-brand cologne through video livestreams: It’s eBay crossed with TikTok. So if sellers mention the phrase “sudden death” in a live video stream hawking an item, it means they’ve put a strict time limit on how long buyers can submit bids in an auction. (Generally, an auction lasts as long as a seller can attract more bids.)
If a seller says something like, “Lots of big rips here!” it means they’re opening—literally, ripping open—a number of sealed packs of trading cards, which could be quite valuable. Meanwhile, a “shoplifting special” is a deal so good, it’s—well, you get the picture.