切身利益：电脑游戏带来的数字资产回报

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-30 DOI:10.1016/j.frl.2025.107670

Felix Reichenbach

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引用次数: 0

摘要

一个由交易员、赌徒和投资者组成的庞大社区参与了电脑游戏中的交易项目。本研究分析了Steam上最受欢迎的游戏《反恐精英》中3000多个化妆道具（“皮肤”）组合的风险和回报特征。结果表明，在过去十年中，玩家的快速增长和有限的供应促成了异常高的历史回报。从2015年到2025年，这些项目的多元化投资组合的表现明显优于股票，平均年回报率高达66.9%。然而，高交易费用、高波动性和不确定的长期前景也给参与者和投资者带来了相当大的风险。

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Skin in the game: The returns of digital assets from computer games

A large community of traders, gamblers, and investors is involved in trading items from computer games. This study analyzes the risk and return characteristics of portfolios constructed from over 3000 cosmetic items (“skins”) from the most popular game on Steam, Counter-Strike. The results show that rapid player growth and limited supply contributed to exceptionally high historical returns over the last decade. Between 2015 and 2025, diversified portfolios of these items significantly outperformed stocks, achieving an average annual return of up to 66.9 %. However, high transaction fees, high volatility, and uncertain long-term prospects also pose considerable risks to players and investors.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance