The $1.5 Million CS:GO Knife Skin - Why So Expensive?

The trading skins and cosmetics are a big part of Counter-Strike: Global Offensive, with the business of buying and selling these items on the Steam marketplace over the years becoming quite profitable.

Depending on their rarity, CS: GO cosmetics can go from just a few dollars to well into the hundreds of thousands. but just how high can they go for?

This is the Blue Karambit Case Hardened skin in a Factory New (FN) condition with a Wear Rating of 0.0480 and a Pattern Template 387.