Valve's argument that what they sold was a license and not the game feels like a distinction without a difference to me. Say I accept that. Then why can't I sell that license?
A license is a contract between you and valve. You can't transfer that license because the contract says you can't. The court says that the digital game is a good (just like a DVD is), and not a license, so you must be allowed to resell it to somebody else.
Transferring the doctrine of first sale to the digital realm would have massive implications for pretty much every digital distribution service we have today. Streaming services wouldn't be affected, but Kindle, Steam, iTunes, and so many others are built on the assumption that their product has no secondary market.
Valve's argument that what they sold was a license and not the game feels like a distinction without a difference to me. Say I accept that. Then why can't I sell that license?