In this study, I use a revised approach of the Frankfurt School in order to critically assess a recent massively multiplayer online video game, Guild Wars 2. Starting with a brief historical overview of the Frankfurt School, I proceed by applying a revision of the school’s main contributions to analyzing Guild Wars 2. This includes an integration of processes of production and distribution, various levels of textual analysis, and audience reception. My main method of investigation is long-term participant observation, and throughout the article, I will argue for the use of such qualitative methods in the critical study of video games. Doing this, I have found that Guild Wars 2 offers a complex experience with enormous appeal and creative potential, while at other times being surprisingly restrictive, culminating in what Walter Benjamin would call a dialectical fairy scene.