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Game's are not sold, they are licensed. That's a personal non-transferable license to play the game and nothing more. You are not allowed to resell, trade or anything else with it.
No publisher would ever agree to it, and it would kill the platform if Valve tried to force it.
I.e., Their cut of resale is 0%. >:D
To me, that doesn't sound like a reason why it can't happen. I hope it isn't for more than just me as well. :P
Digital has many advantages over physical. Mentioned non-deterioration, convenience, and in fact especially with sales, price. The average amount I've spent on a game on Steam over the last 10 or so years is less than the price of a cup of coffee, and those are gone by now in a far more fundamental sense than just not being able to be resold.
There's no inherent reason digital needs to or should be treated the same as physical: it's after all not.
EDIT: Typo; I hate the word deteriora... iaro... ra... ri... tion
Well a secondhand market won't destroy Steam or other stores. But most retail stores and publishers have never liked the secondary market, just in the past they couldn't do anything about it.
DRM + digital distribution changes that a lot and lets stores and publishers control their markets to a much greater degree. I mean, not absolutely, grey market sites are the defacto secondary market these days. IE since stores and publishers often get 0% cut of those sales too.
Instead of advantages, let's say trade offs. You give up the ability to resell your physical media, but you never really have to worry about it being destroyed. And since digital media allows stores to not need to worry about shelf-space or inventory, it means a lot of games are available perpetually forever.
For me those are sufficient tradeoffs. Not to mention, in my experience, the secondary market for PC games was pretty lack-luster compared to consoles. Too easy to grab the key, clone the disc, and resell a coaster. Used PC games in the late 90's and early 2000's were always kinda worthless for those reasons. That's not going to go away in 2023.
I also still own and (sometimes) use an Xbox 360. Have approximately 100 games or so and literally every last one has been bought second-hand. Doesn't even occur to me really that one would not. Because why? And in that case that's while accounting for used single-use digital codes and sometimes receiving scratched discs.
Anyways. I originally learned of Steam due to a child wanting to play Counter-Strike and me naively grabbing a second-hand disc-copy off of an internet marketplace. That which arrived was of course useless since with used code, and when I all pissy-consumery contacted Steam about it they ended up simply silently activating the thing on the child's account.
Eeeh. Okay. And when then additionally a bit later the Steam winter sale started I knew what I needed to know about those trade-offs...
Also if someone wants to buy a game fior less that the retail price...they can just wait for a sale.
This is an idea that has been brought of countless times in these forums, and in every case the OP never considers it from the angle of the game developer.