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I'm wondering what people think of the MMO's if you look at them from the perspective of a popular culture phenomenon.
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Not even close to popular consciousness, not in the US anyway. Sure, 5 million WoW accounts and what not, but... only time the media pays attention to MMOGs is when some Korean guy keels over in a cafe, and even then the newsblurb only says "Man Dies From Videogame".
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Is this a good thing or does it mean that the genre has been co-opted by mainstream tourists?
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Social interaction is "the big draw" of MMOGs, the reason people pay $15/mo, the idea that there's hundreds, thousands of live players on the same game at the same time that you can talk to an interact with. So it'd be hard for anyone here to argue against it; if someone doesn't like the idea of playing with others, they'd be better off saving their money and playing single-player RPGs on their platform of choice.
As a sidenote, I dislike the implication that just because something is popular with the masses it's somehow devalued/degraded. Someone who only does things as long as they're "obscure" is as much of a bandwagon-jumper as someone who only does things as long as they're popular.