Heard someone say that the great fairies in OoT remake are wearing far less revealing clothes than they used to because the graphics are more realistic and they wouldn't have been able to get away with that if they wanted to keep the rating at E10 instead of T. I actually hadn't considered that before, but it does make sense. Only Twilight Princess and Majora's Mask are rated T.
@beardalaxy I think the Japanese rating board matters more than the American or European ones, and I don't know how that rates.
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@Jens_Rasmussen they all matter for sales, though US is probably the most impactful in that regard. i'm mostly using ESRB as an example because i live in the US.
For example, Need For Speed Underground 2 had the lowest possible age-rating (3+) in Europe, despite being about dangerous illegal street racing. There isn't really anything graphical in the games after all, either in terms of violence, swear words or lewd stuff.
Modern street racing Need For Speed games get 12+ or 16+, because rating boards have gotten stricter over the years.