(https://www.cnbc.com/2026/08/07/whatnot-live-shopping-valuation-20-billion.html) as live commerce continues to boom — but here's the contrarian angle: every live streaming platform that's scaled has hit the same wall. Transaction volume goes up, competition for seller retention intensifies, and suddenly you're paying 25-35% of GMV to keep creators happy. Whatnot's private valuation assumes unit economics hold at current take rates — they won't.