Whatnot is fundamentally empowering small business in contrast to e-commerce trends that obscured sellers—sellers have their own store, brand, and customer relationships, with top sellers generating hundreds of millions in revenue with 20-40%+ EBITDA margins.

21:48new business creation or business growth of existing businesses that otherwise would not exist. So I'd love to explore that a little bit. >> Yeah. I mean I think the one of the most fun things about whatnot is it's it's fundamentally empowering small business. And if you look at a lot of what's happened again in e-commerce over the past 20 or 30 years is it it got so

22:09efficient and one of the ways to make it so efficient is to obscure who you're buying from and obscure the ability for people to like build brands and businesses around it. And whatnot is sort of the polar opposite. if you're on whatnot, you're going to have your store, you're going to have your brand, you're going to have your customers, they're going to come back to you. And

22:26so, you know, I think that's one of the one of the best bits of the platform is, you know, we're generating billions and billions and billions of dollars for small businesses. And these are anywhere from, you know, one and two person operations all the way up to maybe a couple hundred folks at the high end. >> That's amazing. Yeah. The uh I I think you've compared it in the past to like a

22:44local shop owner or like a local pub owner. And if you think about what whatnot allows that person to do compared to say Amazon which is like highly utilitarian um you know highly gamified and like competition among first party third party international sellers like it's just an entirely different experience on the sell side >> um that will allow someone who's creative and ambitious to thrive maybe in a way that they wouldn't otherwise on

23:11those platforms. Is that fair? Yeah, I think it just empowers small business in a way where maybe the the prior trend was to almost disempower small business and obscure them away. Yeah. Yeah. That's well said. That's well said. Um so you have really interesting insight into all of these different types of entrepreneurs, right? So, um I'd love to maybe start with just, you know, the original categories

23:36like collectibles, cards, like what are you seeing uh about the behavior in that market? >> Um [clears throat] so I think we're we're seeing a continuation of the trends that we saw when we first started the business, which was one of one of the reasons we we we came back into collectibles. We saw a bunch of people getting back into the market. it was people like us who were had maybe some

23:57money and were buying things that were nostalgic from childhood and getting back into unique um you know things that they loved. Um and that trends basically continued unabated for the past 6 and a half years. And so um you know I think collectibles is is largely going like mainstream now for like lack of a better term. You have you have mainstream celebrities in it. You have athletes in

24:22it. And so I think a lot of people thought collectibles thought think of collectibles like a niche thing, but it's actually becoming a core part of of pop culture. And I think over the past six years, we've just seen that evolution continue to grow and grow and grow and grow. And you know, in fact, you know, a lot of the new art that people are collecting is now like