Ryan Wyatt explains why Valve crashed the $6B Counter Strike skins market “I think a big part of this move was to force inventory back into the native steam marketplace. I still think that’s very shortsighted”

can you eli5 how the native vs. non-native markets work and why crashing the market moves things back onshore? is it cos you need to move it to do the reroll thing?

FT @notthreadguy @Fwiz

Valve's update just lit a fire under web3 gaming. Skins on blockchain? Unruggable value, no corp whims. Game changer incoming.

Partially. They want more transactions at the highest price possible occurring on Steam. They also want to distance as quickly as possible from gambling. I can’t figure out how this helps with distancing from gambling, however. That’s what I need to think more about. That’s their main objective right now with skins. Sure it helps with the fact that if you have 5 reds you know you will get a knife/gloves but doesn’t that incentivize opening cases to get covert? But then again you can use the new Terminal….. Time will tell.

Stupid ass take ngl

Big news 👀👀

They went after Opskins and wax express trade in 2020 to try and stop the offsite/off steam marketplace price rises. All it did was inflate the fee higher and keep high end items away from “plebs” hands Now this move will nuke prices, give them “15%” per item on the short term but ruin long term narrative How many people that held multi 6 fig inventories or higher will go back to collecting and pushing value? Cs2 works as it has the cosmetic and gaming sides in parallel - it probably wouldn’t have lasted as long without the Veblen goods style skin economy and steam just nuked trust by 2x ing and insiders with prior knowledge traded it too This is a VERY good use case for an fps with a skin economy to show trading via on chain metrics and rules that cannot be changed after mint. Cosmetics in games were always a great use case and reasons for NFTs, now that just got better

ryan wyatts steam marketplace push kinda backfires, hurting skins liquidity

This is 100% the best take I've seen on it

kinda agree, but valve needs to rethink their strategy.

this might inspire stronger crypto integrations in gaming markets