Core Viewpoint - The recent update to "Counter-Strike 2" (CS2) by Valve has significantly impacted the virtual item market, leading to a drastic decline in the value of in-game items due to changes in their scarcity and acquisition methods [1][2]. Group 1: Market Impact - The total market valuation of CS2 items plummeted from $5.9 billion to $4.2 billion, losing over $1.7 billion in a single day following the update [2]. - High-end rare items, such as professional gloves and butterfly knives, experienced price drops exceeding 50% in a single day due to the new item acquisition mechanism [2]. Group 2: Changes in Item Acquisition - Valve's update altered the method of obtaining rare items from a lottery system to a more accessible crafting system, allowing players to create high-tier items from more easily obtainable skins [2]. - Previously, acquiring rare items required significant investment, often involving hundreds or thousands of loot boxes and substantial monetary expenditure [2]. Group 3: Speculation and Trading - The CS2 virtual items have created a secondary market akin to stock trading, with players actively monitoring prices and trading on third-party platforms [3]. - The trading of CS2 items has become a popular speculative activity, particularly among university students, due to the low entry cost and the appeal of gaming culture [4]. Group 4: Nature of Virtual Items - Analysts indicate that virtual items in games like CS2 do not possess inherent "value retention" properties, as their scarcity is artificially created by game developers [5]. - The recent price collapse of virtual items may suggest that game developers are looking to adjust trading rules or integrate these transactions into an official system for profit [5]. Group 5: Regulatory Considerations - The "loot box" mechanics in games have been classified as gambling in some European countries, raising legal and regulatory concerns [5].