I have never seen an MMO with such little content, nor one that removes content as the game develops. Unless someone else can point to other mmo's which have.
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Content does not dictate a games ability to call itself an MMORPG. You see a lot of people running around in a shared open world experience, that’s generally what an MMO is. I’m not sure if there is an exact number of players in a shared open world that dictates whether a game is an MMO or not. Although I do believe that this game is stretching the definition of a MMO.