Launched in August 2012, Counter Strike: Global Offensive (CS:GO) has continually increased in popularity. Along with this growth, there has been a parallel development in its skins market. From the outset, one of the primary methods of enhancing your weapon collection was to unlock cases received after playing on official servers. But the skins market has accumulated over a marketcap of over a billion dollars annualy and skins have seen their prices skyrocket into thresholds few expected.

Let’s dive deep into the different factors.

Rare Skins

CSGO skins are highly diverse, with some being exponentially rarer and more desirable than others. Rarity is primarily determined by the skin’s grade and the likelihood of it being dropped during gameplay or case opening. Special patterns further add to a skin’s value, with some being unimaginably rare like blue-gem Case Hardened knives (up to $2 million+) or extremely low skin float wear values. This concept of valuable CSGO skins is very similar to why some cars or watches are extremely expensive compared to the rest.

Factory New Case Hardened Karambit Blue Gem Pattern #387 ($2 million+)

Release of CS2

Valve recently announced the upgrade of CSGO to their new engine Source 2, and it will go by CS2. This means CSGO is getting a revamp with tons of new and improved features on the graphic and technical side, thanks to the advanced Source 2 Engine. This has created massive hype around the game and especially around CSGO skins as the CS2 visuals will make them look better and investors predict the skins demand will surge with the release of CS2 and the influx of new players.

CSGO Skins Median Prices on Announcement of CSGO 2

Covid's Impact

The beginning of the global COVID-19 pandemic in 2020 started a big increase in the prices of CSGO skins. As worldwide lockdowns were implemented, people turned to online gaming as a form of entertainment, leading to a surge in demand for in-game items, including CSGO skins. This heightened demand, against a relatively stable supply, resulted in escalated prices, transforming the CS GO skins market into an even more lucrative venture for sellers and a pricier hobby for collectors and gamers.

China's Interest

China has emerged as a game-changing force in the CSGO skins market, contributing significantly to the demand and subsequent price hikes. The increase in middle class spending in China and the popularizing eSports scene in China have led to an increase in CSGO and its skins. Chinese collectors and gamers are willing to spend considerable amounts on rare and high-quality skins, intensifying competition and driving prices even higher in the global marketplace.

Conclusion

In conclusion, CSGO skins always follow the demand and supply rule and some skins happen to be a lot rarer than others. The demand has also recently jumped ~20% since the announcement of the sequel Counter Strike 2.