I think instead of the last 5 minutes, it should receive messages while the interface is not open so you never really miss any conversation(last 10 messages if variable storage is a problem). This would be preferable imo so you don't have to constantly leave chat open to see if anyone is selling something and vice versa.
I never see anyone on world chat when I get on now  what gives guys!?
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Correct me if I'm wrong but wouldn't that add more lag to players on older devices. Even if it did I guess they could just add an option to not have it constantly running.