Whatnot operates a live-stream shopping platform where users buy and sell products through video auctions and livestreams across 250+ categories including collectibles, fashion, and electronics. It functions as a marketplace blending community interaction, entertainment, and e-commerce, with sellers generating over $6 billion in livestream sales in 2025. The company holds a leading position in live shopping in the US, UK, and Europe, supported by significant venture funding valuing it at $11.5 billion.