It depends on how you’re planning to play the game.
Sure, you can progress in the story.
Sure you can drop all the stuff you want.
Sure you can pvp/gvg like any player.
Sure you can idle in town and make friends.
What you’re missing, is half of the social aspecs of a mmo, almost everything that is about sharing.
You will not be able to give away items to random players (and you want to, because you’re a saint).
You will not be able to trade boss drops, random loots, with other players during field hunt.
You will not be able to rotate items in your friend/guild group. (Like I drop a Dratt Bow, I give it to my archer friend. He drops a Temere recipe, he gives it to me, etc…)
You will not be able to give stuff to your friends starting the game (or to your alts).
Crafting classes will not be able to craft for others (they can sell, but can’t give).
So basically, you’ll play the mmo among players but you may not be able to play with them as much as you’d want.
Of course, you may not be into theses social aspects of a mmo… But a lot of players are (I am, and the ones that I’m enjoying to play with are too)… And restricting theses aspects with a paywall because insert whatever reason here is a cheap move, even more since it seems to be an unprecedent.
edit :
Oh yeah, and it gives a bad taste to the game. Like “you can’t play it like you’d expect (because let’s be honest, we’re expecting to be able to trade in a mmo), without giving money to imc”.
Personnally, I think that it could make me feel playing into a sort of “scam game”, because I don’t think that having to pay for trading is legitimate… Feels like being milked.
Btw, I don’t know the state of f2p-land, but I can imagine players comming there because RO nostalgia or being invited by friends, playing a little and then leaving to other games because dumb restrictions. I can’t see how this could do any good to the community ~~