Let's Discuss Whatnot

WhatNot is an online platform that allows content creators to host shows, where viewers can either purchase items directly from a shop or via auctions that the creator hosts. There is also a live chat so that you can build a sense of community with other buyers and the content creator. There is a large thriving coin sub community on WhatNot.

Well, I just spent the last couple of weeks really soaking in the WhatNot platform and while there are definitely some good deals and great communities on WhatNot there is definitely a dark side as wel that I feel we need to discuss as a coin community that really boils down to two things:

1.) Bullying. Many of these channels guilt trip their viewers, often numismaticrookies, into buying coins at higher prices significantly above greysheet and ebay comps and acting like their viewers are lame. Not all do this, but the ones that do are just harvesting viewers to overpay for bad coins like telemarketers.

2.) Gambling. Mystery bags/boxes can be a lot of fun. But once again, the hype and bells and whistles of these just end up with a lot of people overpaying significantly to bid up mystery boxes with virtually no chance of recouping their initial investment unless they hit the big prize.

WhatNot at its best can really be a great platform but I worry about the impact of it on the long term hobby. Does it really draw people in or is it just a fancy new way of telemarketing like Home Shopping Network (HSN) or Rare Collectibles TV (RCTV)? Are people really going to stick with the hobby long term when they realize they overpaid for dozens of mediocre coins just to buy into the "hype."

I dunno, just wanted to get some other thoughts. Kudos to all the good creators out there also like TreasureTown who is run by a no nonsense group of young guys who just auction coins straight with no gimmicks.