"Got any cheap Mew? asks one buyer, deploying the frantic tone of an addict, albeit one craving a rectangle depicting a creature from the all-conquering Japanese media franchise. Yet more buyers are gathering for a break a session in which they can bid for merchandise such as cards featuring Pokemon or elite footballers, drawn at random from a real or virtual box."
"This is the little-known but fast-growing empire of Whatnot, a live auction website and app startup that might best be described as a cross between eBay and the time-honoured cable TV shopping channel. Its stated mission, aside from profit, is to enable anyone to turn their passion into a business and bring people together through commerce. But there is a murkier side: some users have reported becoming hooked on the rapid-fire, gamified mechanics of impulse buying,"
"Whatnot's specialism in collectibles also raises questions about a broader commercial ecosystem, in which the supply of must-have Christmas toys has been cornered by scalpers, or touts, creating scarcity and driving up prices for hobbyists and cash-strapped parents hoping to make their kids happy at Christmas. What's not to like? Whatnot's business model isn't unique eBay also offers live auctions but its stellar growth marks it out as the face of modern-day live shopping."
Whatnot is a live-auction website and app that blends eBay-style auctions with the feel of cable TV shopping, specializing in collectibles and random 'break' sales. Buyers bid in rapid sessions for items such as Pokemon cards and elite footballers, sometimes displaying frenetic, addictive behaviour. The platform's gamified, rapid-fire mechanics and gambling-style features have led some users to report addictive impulses and mental-health risks. Collectibles specialism has enabled scalpers to corner supply, creating scarcity and higher prices that harm hobbyists and cash-strapped parents. The company achieved rapid valuation growth and large investor backing within six years of founding.
#live-auctions #collectibles-market #gamification-and-gambling-risk #scalpers-and-scarcity #startup-valuation
Read at www.theguardian.com
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