With the same devs, same mentality, same corporate demands you’d get the same game.
Maybe some upgraded systems, probably a lot, lot more bugs because they’d spend so much time and money just implementing newer systems like a better character design/customization one among many others that they wouldn’t take the time to polish.
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They’d release a game that would be absolutely savaged for its bugginess and not incorrectly.
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People who’ve collected lots of things like myself would rightly complain about losing literal years, no, literal decades of work, grinding, achievements, mounts, gold, pets, etc, etc.
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The game-world itself would likely look the same or be done in a slightly different engine from the same assets as I doubt they’d want to change Azeroth and would have the resources to both re-do the engine and everything under the hood while also re-doing the game world.
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It would split the community and doom both version’s of wow or else they’d shut down the old one and a lot of people would walk away and never come back because of losing all their progress (and no, porting over achievements, character names, titles, even gold amounts and bag contents would not be enough). Overwatch 2 but a million times worse with a billion times as much rage given how much time investment is put into a 15+ year old MMORPG compared to a shooter.
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It would require expensive parallel development alongside the next WoW expac as you have to keep giving people expacs to keep them paying, playing and ready to jump to your next ship and you can’t get a new game like this done in 2 years. That or biting the bullet, letting game development stop, losing the income, losing a lot of players and hoping you can get most of them and then some back.
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People would ask anew what is up with Warcraft’s MMORPG and it’s awful, trash tier writing and how does it justify itself against better written and more lovingly developed games by competitors? South-Park the fantasy-mmorpg might have worked in the 2000s and early 2010s but having a lore that’s based off memeing off whatever the cultural meta is for a fantasy franchise that’s 25 years old is shameful and no longer interesting enough to keep attention. The laughs stopped coming years ago and the devs are lost and confused because it was always just a wing it joke to them.
WoW 2 should just be an expansion anyways. They already charge triple-A game prices for their expacs, not like they could get that much more money. Even 10 million piggies lining up to pay $80 versus $60 amounts to $200 million more which seems like a lot but for an undertaking of this size would not come close to the budgeting needed for hiring extra staff and all that would go into it as it would definitely be a 4-6 year effort.
That plus Blizzard’s company image is dead. They may be under Microsoft now but people are going to associate them with the ill treatment of players, the dev bullying and aloofness, the contempt, the elitism, the ignoring the RPG lovers and the MMO lovers to turn the game into whatever it is, the harassment scandal, the bad writing, the deteriorated quality, the customer service that went from #1 in industry to on the low side, etc, etc, etc.
If they’d launched WoW 2 while they still had their glow, say right after Cata or MoP or Wrath yeah they could have been in a strong position. Fact is none of the devs suspected it would last this long and at no point really pushed for long-term investment or else corporate didn’t listen and now it’s a run-down beater in a sketchy aging neighborhood and no one wants to invest in it, they’re just going to keep doing basic maintenance, maybe put a new GPS screen in but no engine overhaul because they’ve resigned themselves to it being a dead game walking and it’s only a matter of how many miles or how much money they can squeeze out of it before it like all clunkers fails catastrophically and is taken to the scrap heap.
And it will limp on for a while, they have so many fomo things, so much sense of investment via collectables like pets, toys, mounts, armor looks that can’t be neatly ported over to a new game with a new engine but which create a sense of investment in the remaining players who doggedly cling onto the dying game and all the thousands of hours they poured into it (plus potentially thousands of dollars in the form of subscription fees plus things like character services, store mounts, pets, toys, transmogs).