Valve released an update that crashed the skin market: what happened

Valve released an update for CS2 that added the ability to create skins for knives and gloves through the exchange of “Covert” quality items, which crashed the market for cosmetic items.

The innovation had a significant impact on the market: knives and gloves were particularly affected, with prices falling sharply. According to data from the analytical service Pricempire, just four hours after the update was released, the total value of all skins in the game fell by $700 million.

Credits: Pricempire

The reason for the price drop is obvious: previously rare knives and gloves were valued because of limited supply. After the introduction of the ability to create new skins by exchanging “Secret” items, supply increased sharply, the rarity of items decreased, which led to a massive drop in their market value. Players began to actively exchange and sell new items, which also accelerated the fall in prices.

It is noted that prices for some knives have fallen by 55-60%. It is possible that the fall in prices will continue, and it is not yet known whether the developers plan to intervene in the situation.