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Combat, Lore, skill customization, Quest design, and Movement Speed is top 5 parts to make MMORPG game. Things to mention: User Interface, graphic, community.
Combat: If the combat is dull, boring, easy. you will not last long. It needs to be fun.. like u can dodge war magic or arrow attacks or you can try run for your life. That will give u some adrenaline which keeps your interest going. That's what makes it fun and feels more challenging than just push 1,2,3 brainless.
Lore: Needs to be interesting and creative, not typical standard mmorpg lore nowadays. You want to be part of lore to help them out.
Skill Customization: This is really important.. It needs to be fun set-up upon people's preference that really works good. Not a cookie cutter at end of game. I think no class system is best because it gives you choice from beginning and u can start working from there to end. Like when you kill monster for exp, you can use the exp to gain your skill.
Quest design: There is 2 different kind of Quest design. One is repeative kill task for exp. Second is going on adventure into dungeon crawl and try to find your way through to your objective, or to kill boss, to obtain/complete it to get nice item with no exp reward. The first quest design can feel tendious and grind which will lead to boring easily. You need to feel that you did good job and work hard for the reward which makes it fun. Also, The quest icon button above NPC is somewhat ok and somewhat not. Why? Well, Its not realistic to see people with ! button above them, but its nice for those people that don't know what to do or go. I think doesn't matter that much as long you don't have to look for "accept" button without reading at all and hold hand to guide u to complete.
Movement Speed: I notice allot mmorpg game has slow or standard same movement speed which isn't fun. Would it be fun if u wanna work on ur run skill or jump skill? Like I said on Skill Customization, you earn exp u can do what u want to do with exp to gain your skill, Run, Jump, Sword etc. Then the mount wouldn't be necessary.
User Interface: It needs to be quick to get it done without going through many steps to complete for small thing.
Graphic: Its a plus but it wouldn't really matter that much if the top 5 outperforms your thinking about it.
Community: Seeing no one around cuz they all are at end game content can discourage you. No one to play with, talk to, go on quest together and such. Ghost town is not good. Need to figure out how to keep all town populated somehow at any time. But not just "standing" in town or setting up your shop.