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A Torchlight MMO is currently being developed by Runic Games who created the first Torchlight game for PC. The original game was meant to be a test run for the MMO, which will be free to play, but will have a store with items for purchase.  

The Torchlight MMO is currently delayed as the developers are putting their efforts towards a sequel to the first game, Torchlight II. At this time it is unknown when the MMO will be out.
 
It has been stated Runic Games are not planning to have a subscription plan for the Torchlight MMO.

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