I actually researched this during my CS undergrad in our Advanced Computer Graphics class - it seemed feasible within our fiber LAN at the University, but the rendering power was severely limited.
I'm not sure what company would be willing to house a render farm just to support a fan base for a given game. The cost to the company is much greater than the cost to the customer divided over every one of their computer.
Furthermore, this render farm would only support the one game that the game designer made, rather than the hundreds of games you can run on your home PC with one video card.
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