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I would be surprised if there was no Tera 2. Even though Tera stumbled after EnMasse, it's still a very recognized name in the MMO space. It would be stupid for BlueHole to not to try and capitalize off of the Tera name. After all, a lot of people left because of a lack of updates. A sequel utilizing new tech would certainly draw interest.
https://steamcommunity.com/app/212740/discussions/0/3274689286969272916/
Considering this, I don't know why people are so hyped about a game that was not even confirmed yet. In my opinion, if they can't make Tera (1) good, Tera 2 will not be good either. One can only hope it will actually be good.
The thing is that Tera IS good. People just left because of a lack of content. This is evident when checking the analytics, which shows that players didn't start to fall off until shortly after the Gameforge acquisition. June 2021 was the first time Tera ever dropped below 1000 Steam users, and it's pretty safe to assume that the migration had a helping hand in that.
I don't believe Bluehole when they say they aren't confident in their ability to develop worthwhile content anymore. After all, Tera has had a healthy player base for almost a decade. My guess is it's either they're pulling the plug to save a sinking ship after the failure of Elyon (which only has a 309 player peak in the last 24 hours vs Tera's 221 peak), or because Gameforge is being nasty behind the scenes. After all, Gameforge being the publisher means they have a lot of influence over the developers, and by proxy, how well funded, advertised, and ultimately successful Tera is. Besides, GameForge just recently pulled the plug on Kingdom Under Fire 2 and SoulWorker (which is now fully indie and seeing 4000+ peak players), so it's not like they don't have a track record of this.
Edit - In fact, SoulWorker is a pretty damning mirror if what's happening now. When GameForge published it, it struggled to break 1500 players for most of its lifespan. That's not a coincidence, especially considering how much stronger it is now without them.
Edit 2 - Also, I find it highly suspect that they've announced the closure of the PC version, but have not made any such announcements for the console versions.