Counter-Strike update halves item values

[Hanno Labuschagne]

Counter-Strike update halves item values

The value of digital items in the popular video game Counter-Strike has fallen 48% following an update by the title’s developer Valve Corp.

Over the past year, investors wary of the volatility in the S&P 500 and cryptocurrency markets have snapped up the video game items at a record rate.

[Bloomberg]

 

[Syphonx]

I don't feel sorry for a single one of them. Hopefully all prices crash down to 0

 

[Fulcrum29]

The biggest mistake Valve ever made was allowing its users to take money out of Steam via third-party services. All of this was made possible by Valve, which enabled it with its API. If they had never done that, gambling would not have been such a big issue. Third-party marketplaces would not have been able to manipulate the market. A lot of influencers and media channels are sponsored by these third-party services. Valve reaped significant profits from the sales of case-opening keys.

Some corrections are coming, as users are currently burning a lot of skins for knives and gloves. That will improve the rarity of many skins. Case pricing won't be much influenced, and some might gain value.

There are also smart users who are figuring out the float for trade-ups for knives, so some skins are set to become gold.

It is also worth noting when the market cap was at this level. /Cough, around the same time Valve brought China into the fold for CS

I also won't be surprised if it is the skin marketplaces that are dumping, and I think they knew this was coming.

 

[Fulcrum29]

https://twitter.com/x/status/1982058255086960711

cs2 players opened a total of 31 million cases last month, but even after "the update", they opened more than 15 million cases within the last 72 hours, half of the usual monthly number. do you guys really think that valve cares about the market crash?

Valve is fixing a regulatory issue that, for a large part, had to do with gambling. This market itself is piggybacked on the Steam Marketplace. Even though they profited from it, they held the keys that open the cases.