The Death of Hypertext?

If the world doesn’t yet have a strong, ongoing body of hypertext literature, could it be because the idea was born before the widespread popularity of web standards? Are the early hypertexts akin to the early attempts at bookmaking, and so will hypertext literature require an element of conservation science in order to survive? Will it be transcribed or upgraded, the way the ancient writing was transcribed from scroll, to manuscript, to book, to database?

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