Discussion / MMO Engines and Graphics Assets

I dont understand why some smart software development company doesnt develop a robust and flexible game engine, as well as modifiable graphics assets, specifically designed for MMOs, which it could then turn around and licence to prospective game developers. I know Unreal does this, at least in part, with their engine, but I dont think it was specifically designed with MMOs in mind, and it therefore has some important limitations.

This would not only generate a nice income for the software developer, but it would also allow the MMO developers to devote their time and energy into developing rich 'gameplay content' rather than using up all their resources on creating a new engine, revamping an old one, or focussing so much on new 'state of the art' graphics. The graphics of such games as AoC, Lotro, and Vanguard are quite sufficient to create a believable world. If the engine and graphics assets were modifyable and licensable, and could be easily adapted to fit a particular type of game and game world, the costs of producing an MMO would be drastically reduced, thus allowing for more creativity in the development of niche games by smaller gaming houses. If and when this happens, we will see a renaissance of the genre, with many more choices available to players. I just dont get it why someone doesnt do this.

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