This Live-Shopping App Made $1 Billion Last Year. Some Users Say It Works Like an Illegal Lottery: ‘I’m Totally Addicted to It’

Whatnot lets users bid on trading cards, sneakers and secondhand fashion in fast-paced live auctions. Some can’t stop. By Jonathan Small | edited by Dan Bova | Aug 05, 2026 Whatnot has turned bidding on trading cards, sneakers and secondhand designer fashion into a live, high-speed spectacle, and it’s working. The company added 20 million new accounts in 2025 and is on track to surpass $1 billion in revenue this year, according to the Wall Street Journal. “I’m totally addicted to it, and it’s weird because I don’t drink. I never did drugs,” said Julie Johnson, a 58-year-old user who estimates she’s spent around $120,000 on the app over three years. Whatnot started in 2019 when co-founders Grant LaFontaine and Logan Head built a place to trade collectible toys and cards, inspired by their own childhood hobbies. It’s since grown into a company backed by Andreessen Horowitz and Sequoia Capital, valued at $11.5 billion. Critics say the app’s fast, one-swipe purchases make it too easy to overspend. One attorney has filed legal claims on behalf of more than 70 people, arguing that Whatnot’s card “breaks” work like an illegal lottery, and that some of what happens on the platform crosses into fraud. LaFontaine disputes the claims. The company has safeguarded against overspending by rolling out spending limits, watch-time caps, and a tool that pauses spending immediately. Whatnot has turned bidding on trading cards, sneakers and secondhand designer fashion into a live, high-speed spectacle, and it’s working. The company added 20 million new accounts in 2025 and is on track to surpass $1 billion in revenue this year, according to the Wall Street Journal. “I’m totally addicted to it, and it’s weird because I don’t drink. I never did drugs,” said Julie Johnson, a 58-year-old user who estimates she’s spent around $120,000 on the app over three years. Whatnot started in 2019 when co-founders Grant LaFontaine and Logan Head built a place to trade collectible toys and cards, inspired by their own childhood hobbies. It’s since grown into a company backed by Andreessen Horowitz and Sequoia Capital, valued at $11.5 billion. Critics say the app’s fast, one-swipe purchases make it too easy to overspend. One attorney has filed legal claims on behalf of more than 70 people, arguing that Whatnot’s card “breaks” work like an illegal lottery, and that some of what happens on the platform crosses into fraud. LaFontaine disputes the claims. The company has safeguarded against overspending by rolling out spending limits, watch-time caps, and a tool that pauses spending immediately. Jonathan Small is a bestselling author, journalist, producer, and podcast host. For 25 years, he... Read more