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As someone who's long collected for old systems I really have not seen the effects of this... prices have gotten so absurd that even fairly common old games for many (if not most) retro systems frequently cost equal to or more than new modern games. Some systems, like the turbografx 16, are so expensive that it simply isn't worth it for anyone outside of determined collectors.

In reality, the video game industry is larger and healthier than it has ever been. I haven't seen many negative effects of emulating; if anything, it's lead to an increased interest in older games and consoles among people who previously didn't even realize they existed.