Reference
Whatnot glossary
Plain-English definitions for every term Whatnot sellers and buyers use. From auctions and breaks to PSA grades, vaulted Pops, COGS, and Schedule C.
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A to Z
1099-K
Read moreIRS form Whatnot issues to sellers exceeding payment thresholds in a tax year. Reports gross transaction volume to the IRS.
AOV
Average Order Value. Total revenue divided by number of orders. Useful for comparing show formats.
Auction
Live bidding format. Seller sets a starting price, buyers bid in real time, highest bid wins when timer ends.
BIN
Short for Buy It Now. See Buy It Now.
Boost
Whatnot's paid ad placement. Promotes your show to more viewers during a chosen window. Cost varies by category and time.
Booster box
A sealed retail box containing a fixed number of TCG packs (Pokemon, Magic, Yu-Gi-Oh). Sold whole or broken pack-by-pack.
Break
Read moreA live show where a sealed case or box (sports cards, Pokemon) is opened pack by pack. Buyers buy slots representing teams or cards. Whatever's pulled in your slot is yours.
Buy It Now (BIN)
Fixed-price item, no bidding. Buyer clicks, pays, ships. Common for high-volume sellers running set pricing.
Buyer Paid
The total amount the buyer paid: item price + shipping. Whatnot calculates fees on this number, not just item price.
Chase
Read moreA short-printed variant. In Funko, ratios like 1:6 or 1:36 indicate chase rarity. Chases are usually the most valuable in a release wave.
COGS
Read moreCost of Goods Sold. What you paid for inventory. Subtracted from revenue to compute true profit. Essential for Schedule C.
Commission
Read moreWhatnot's cut of each sale. Standard tier is 8%, sneakers and select premium categories are 10%. Always calculated on Buyer Paid.
Deadstock
Read moreBrand-new, original packaging, never worn or opened. Used in sneakers and fashion. Higher value than worn or used.
ETB
Read moreElite Trainer Box. Pokemon TCG product containing booster packs, dice, sleeves, and accessories. Common Whatnot product.
Giveaway
A free item the seller ships at no cost to a viewer. Whatnot has rules around giveaway frequency and disclosure. Seller pays shipping out of pocket.
GMV
Gross Merchandise Value. Total dollar value of items sold before fees, refunds, or returns. Whatnot reports GMV publicly.
Grail
A high-value, hard-to-find collectible. Used across cards, Pokemon, sneakers, Funko. Personal-grail vs market-grail can differ.
GU
Game-used. Card or memorabilia featuring a piece of equipment used in a game.
Hit
A valuable or rare card pulled from a pack. 'Got a hit' = pulled an autograph, refractor, or rare insert.
Lot
A bundle of items sold together at one price. Common for cards, beauty, fashion. Sometimes refers to a wholesale lot purchased to break down for resale.
Mystery box
Read moreA sealed bundle the buyer can't see inside. Seller specifies value range or theme. Common in Funko, beauty, cards.
Net payout
What you keep after Whatnot takes commission and processing. Then subtract shipping (if you absorbed it) and COGS to get true profit.
Pack war
Format where two or more buyers each open a sealed pack, biggest pull wins all packs. Card-game specific.
Payout schedule
Read moreWhatnot pays out weekly. Sales from a given week typically clear the following week. Holds may delay payouts.
PPU
Per-piece unit. Slang for the price-per-piece in a lot or break. A 50-piece thrift haul at $200 has PPU of $4.
Processing fee
Payment processor cut. Whatnot's processing is 2.9% + $0.30 per transaction on Buyer Paid. Independent of commission.
PSA / BGS / CGC
Card grading companies. PSA (Professional Sports Authenticator) is most common, BGS (Beckett) and CGC are alternatives. Cards graded 1-10.
Raffle / Raze
Buyers each pay a fixed price for a slot, then a random draw decides the winner of a single item. Whatnot has compliance rules around raffles.
Razz
Same as raffle. Common term in card-collecting circles. Each spot is a fixed price, random draw decides winner.
RC
Rookie card. A player's first official trading card, usually from their first pro season. RCs typically command premium over later years.
Refractor
A card with a refractive shiny finish, typically Topps Chrome or Bowman Chrome. Numbered parallels (e.g., /99) carry premium.
Refund
Money returned to buyer. Whatnot returns commission and processing on full refunds, but seller may still be out shipping cost.
Schedule C
Read moreIRS form filed by sole proprietors (most resellers). Reports business income and expenses. Aftershows generates a Schedule C-ready CSV.
SE tax
Read moreSelf-employment tax. 15.3% on net Schedule C profit. Covers Social Security and Medicare for self-employed.
Single
An individual card pulled from a pack and sold on its own (vs. selling sealed packs).
Slab
Read moreA graded card or coin sealed in a hard plastic case by a grading company (PSA, BGS, CGC for cards; PCGS, NGC for coins).
Sniping
Last-second bidding to win an auction at lowest possible price. Whatnot's auction timer extends a few seconds on late bids to discourage extreme sniping.
Tip
Optional buyer-to-seller tip during a live show. Has its own Order ID in Whatnot's CSV exports. Always taxable income.
Total Take
Slang for net payout. What you actually keep after fees and processing.
Vaulted
Read moreFunko: Pop officially out of production. Vaulted Pops typically jump 3-10x retail. Whatnot sellers chase vaulted lines for margin.
VNDS
Read moreVery Near Deadstock. Sneaker/fashion term for items worn 1-2 times, near-perfect condition.
Related reading
Whatnot fees calculator
Per-sale fee math: commission, processing, net payout, true profit.
Whatnot fees explained
Commission tiers, payment processing math, refunds, real seller examples.
Whatnot taxes 101
1099-K, Schedule C, deductibles, year-end checklist.
Reseller bookkeeping
What to track, how to track it, what to hand your CPA at year-end.