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Nerf
Nerf is a slang term that describes an action taken by a video game developer that changes or patches the game to reduce the effectiveness of something (item, spell, skill, ability, class, monster, etc., etc.). The opposite of a nerf is a buff (in the context of changes to a game).
The etymology of nerf is the Nerf brand of toy guns which project polyurethane foam projectiles with compressed air. The impression is that if a real firearm were transformed into a nerf gun it would become less effective in combat.
In the context of classic EverQuest, there are several notable types of common item nerfs which are discussed. When items nerfs are planned, the developers must consider the impact of these nerfs on players who already possess the items. Players who worked hard to achieve those items might feel slighted if those items were removed. In many cases, these items won't be removed, but rather the means to attain more of them will be removed (one example is the BFG). Sometimes in conjunction with this soft nerf, the developers will add a post-nerf variant of the item with a similar name and reduced utility (such as Circlet of Shadow / Circlet of Shadows). In yet more cases, the difficulty of attaining an overpowered item will be made harder (jboots). Very few items were hard-nerfed, but there were a few (like Wurmslayer going to PRIMARY only).
Because the difficulty of attaining many items changed over the timeline, these soft-nerfs affect the economic supply of these items in player markets. Players expect items which are impossible to attain more of to appreciate in price as the player base rises and instances of the items become scarce.
See also: Legacy Items