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Needs to be a new IP. Nintendo lost Rare well over a decade ago, and they still have not managed to fill in the gap left behind. Retro needs to be given a chance to shine on their own and expand their(and Nintendo's) horizons. Rare was essential because they provided a style of gameplay and presentation wholely different from what Nintendo themselves were offering. Without them Ninty is a shadow of their former selves, and they'll never be able to support a system all on their own.

If Retro Studios alone proves incapable of filling in Rare's shoes, then Nintendo needs to start investing in other studios who can. As it is, there remains a gaping hole in Nintendo's lineup that's still waiting to be filled.