The broken shadow of its former self known as Interplay has the license (they sold the Fallout franchise to Bethesda) to create a Fallout MMO. All of the people responsible for Fallout 1 and 2 are either at Obsidian Entertainment or various other developers since Troika (where the "Fallout guys" went after Interplay fired them all) was shutdown by Activision, so do not expect it to be of the same ilk as the first two single player games.
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Interplay reaffirms its ambition to secure funding for the Fallout MMO as well as "creating sequels to some of its most successful games,"
In other words, they want someone to buy them.
My predictions for the Fallout MMORPG:
1. Bethesda releases their version of Fallout 3 (the real Fallout 3 was
Project Vanburen by Black Isle Studios / Interplay). It sells more than Fallout 1 and 2 combined thanks to it being "dumbed down" to little more than a shooter with stats / levels, a marketing budget and the fact that it will be available on three platforms instead of one.
2. Investors seeing how well Fallout 3 sells invest in Interplay, real development of the Fallout MMO begins.
3. One year before the game is ready to launch, the investors become impatient and unwilling to invest the extra money needed to do the MMO right and finish it.
4. Another company (like NCSoft or Sony) buys Interplay's assets. They rework the Fallout MMO into a WoW clone set in the Fallout world (if it is not one already). 6-months later, they release the game riddled with bugs due to it being shipped early and unfinished.
5. The initial waves of people who had the game preordered or bought it in the first month leave the game and return to the MMOs that they were playing before it launched.
6. Another failed MMORPG.