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Any MMORPG?

At this point, code might be less valuable than art assets.

Considering the economics, the graphics rendering would have to be shifted to the server too and output as video

The clock is ticking even for that. We're not far off from anything being able to be copied, including streaming only games. If it can be observed, a reasonable facsimile can be created. The reasonableness will increase over time.

Gacha games do this, e.g. Genshin Impact. When you turn off your internet while playing a lot of game logic fails (e.g. damage calculation) before it tries to reconnect.