Destiny does have sequels slated every 2 years, with a "Comet" DLC/expansion every year. That's in their contract with Activision.
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Sequels in what way though? When Bungie said the engine would last them ten years. I immediately thought about World of Warcraft. Expansions that increase the size of the game in later years.
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Honestly, I don't know. I imagine they are going to be some sort of separate releases but I would imagine them to be just major expansion packs because otherwise it would be difficult to import characters, or at least very awkward.