A lot of AAA games now are still below what we have seen in the UE4 trailers.When marketing and advertisement deals are made for SQ42 only then do we know that the release is near. That could be 1 year before release. So realistically I think SQ42 could be released in 2025 at the earliest. In 2025 there will be a bunch of Unreal Engine 5 powered games with the same or better graphics fidelity.
What you see in the SQ42 video is not some trailers but the actual in engine game.
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