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The big factor here is that the cost of gems is so much lower than the sell value of any cards you get making booster packs with those gems, and that Undertale emoticons and backgrounds are / can be worth enough to make up for the cards used to make each badge.
(Sans stuff in particular is worth a LOT, not that I would ever sell my emoticon unless I had duplicates.
There was also an initial investment involved: Technically speaking, I bought $5 worth of steam creds to start with, to buy sacks of gems, and then wound up with $11.40 cents in the end, so... net gain of $6.40 (after buying the game for $10) The $5 initial investment is negligible because I would have spent that on steam games eventually anyways.
I didn't say anything in fear of them losing value lmao.
Haha, but if they lose value then you won't have to spend as much to finish that foil set. And the more people making badges, the better chance you'll get some free boosters! Appropriate use of the Sans emote, though.
Makes you wonder how much an indie dev like Toby pulls in from his share of the card/emote/wallpaper sale "tax", compared to how much he's made from the actual game sales? Hmm..
Holy~ ... Talk about "leaving the underground satisfied". If making returns on the community market is a meta-game, you have clearly won it.