10月28日，直播购物平台Whatnot宣布完成2.25亿美元的F轮融资（约合人民币16亿元），估值115亿美元。 Whatnot总部位于美国洛杉矶，成立于2019年，最初只是一个用户通过视频直播方式拍卖集换式卡牌（TCG）、球星卡、漫画书、Funko玩偶等收藏产品的 平台。这让它在已经被eBay等巨头主导了二十多年的市场脱颖而出。 Whatnot给用户推荐的产品分类，第一个是TCG Whatnot创始人曾回忆到，当年投资者对于通过直播进行二手收藏品交易的平台持高度怀疑态度，他们融资艰难，与100多位投资人洽谈之后才获得30万美 元的启动资金。 最初，Whatnot为了吸引卖家而将eBay直接集成——在Whatnot上架商品的卖家能够同时向两个平台的买家销售商品。与此同时，团队熬夜编写定价算法， 让卖家能够更好地把握产品流动性，更大程度获利，从而平台在卡牌、潮玩圈子打开知名度。 后来，Whatnot逐渐扩展到服装和运动鞋等商品，与Amazon Live、eBay Live、TikTok Shop等展开竞争，并且将直播拍卖业务从美国带到加拿大以及欧洲 市场，从而有了越来越大的资本故事。（中间也有2021年球星卡 ...

Group 1: Market Overview - The Japanese toy market is projected to reach a scale of 302.46 billion yen (approximately 15 billion RMB) in 2024, with a year-on-year growth of 9%, and trading card games (TCG) account for 27.5% of the total market [1] - Despite a decline in sales for Pokémon cards, new releases such as Dragon Ball Super cards and growth in other franchises like Duel Masters and Yu-Gi-Oh! contribute to the overall market expansion [3][4] Group 2: Company Performance - Bandai's sales for the first half of 2025 show significant performance, with Mobile Suit Gundam leading at 43.4 billion yen (up 18.9%), followed by One Piece at 40.6 billion yen (up 12.47%) [5][6] - Tamiya's sales reached 114.74 billion yen (up 12.87%) in the first half of 2025, with action figures being the most profitable category [17] - Bushiroad's TCG sales increased by 34.42% to 14.85 billion yen in the first half of 2025, driven by successful new releases and collaborations [25] Group 3: Product Releases and Events - Bandai released 93 card-related products in the first half of 2025, including new One Piece and Gundam cards, with various promotional events to engage players [8][10] - Tamiya's Duel Masters launched 9 new card packs, with a successful collaboration with VTuber Rainbow Company, leading to sustained popularity [19] - Bushiroad's Cardfight!! Vanguard released 9 new card packs and hosted various tournaments, maintaining player engagement [28] Group 4: Competitive Landscape - The TCG market is highly competitive, with Pokémon leading in sales, followed by Duel Masters and Yu-Gi-Oh! [4][46] - Konami's Yu-Gi-Oh! OCG saw a 6.93% increase in sales, with new tactical packs performing well and promotional animations enhancing visibility [38][42] - Pokémon's sales reached 410.93 billion yen (up 38.1%) for the fiscal year ending February 2025, with a strong lineup of new products and events [46][48]