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I haven't bought a physical PC game in a really long time, because at some point the games started to have activation keys, rendering the physical copies essentially worthless. What good is a physical copy when all it has is a key to active on a service, after which the physical copy is useless?

Anyway, as far as I know, very often there's a Steam (or similar) key which you use, after which you don't really need the physical copy for anything. It's just like buying it digitally, only you end up with a useless physical copy as well. In some cases, there's actual game data on the disc, and in some cases, just an installer for the service (i.e. Steam, Origin etc.) the game requires. In any case, I think it's very rare for a game to NOT require activation on some service.