N. Katherine Hayles discusses the topic in the online article Electronic Literature: What Is It.
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Eastgate Systems published many of the first hypertexts on CD-ROM, including Michael Joyce's afternoon, a story, which is often regarded as the first hypertext.
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On the other hand, classics such as Michael Joyce's afternoon, a story (1987) are still read and have been republished on CD, while simple HTML hypertext fictions from the 1990s are still accessible online and can be read in modern browsers.
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Electronic literature, according to Hayles, becomes unplayable after a decade or less due to the "fluid nature of media."
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