From Counter-Strike : Global Offensive surge to Counter-Strike 2 crash : the evolution of the skin market
Ahopalo, Tommi (2025)
2025
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2025121034224
https://urn.fi/URN:NBN:fi:amk-2025121034224
Tiivistelmä
The objective of this thesis is to investigate how Counter-Strike: Global Offensive (CS:GO) and its successor, Counter-Strike 2 (CS2), with their virtual skins that give no in-game advantage, evolved into a billion-euro speculative virtual asset market. This thesis examines the factors and reasons for how such an economy evolved around a video game and how it collapsed. This thesis answers those questions by analysing data from the Steam Community Market and third-party websites.
The findings reveal that game developer Valve's actions created the market through scarcity and constant game updates. Speculative behaviour among the players and investors fueled the prices, leaving the market vulnerable. Valve's actions to alter supply and demand triggered a crash in the skin market.
The findings reveal that game developer Valve's actions created the market through scarcity and constant game updates. Speculative behaviour among the players and investors fueled the prices, leaving the market vulnerable. Valve's actions to alter supply and demand triggered a crash in the skin market.