Honestly i think Eternum in real life, on the game side, would be a mess.
The "lose everything" upon death is way to harsh for a game in which grinding is a big deal and very demanding. We have seen how easely that high level douchebag got killed by a wandering monster. If you can get killed in blink, completely losing months or years of gametime is just insane. At least there should be check points below which you can fall.
And the idea that your real life fisical prowness is the same in the game is totally unacceptable on many levels. As
Tavi13 correctly points it would be a great motivation to train, in a Wii Fit style, but what you would get out of it would be that the IRL bullies would be the in game bullies and the IRL victims would be the in game victims. And the most attracted to the gaming world, statistically, would be the latter.
I had to deal a lot with this kind of considerations when, in my younger years, i used to organize LARPing events and develope LARPing rulesets to keep everyone in game, no matter how phisically inept.
While, we also has to say, most of those who would want to play would like the character be, very often, a better version of themselves. So real life look = game look would likely be a downside.
All this given, this is just lazy chatting, Eternum is a fictional game. It has to be beliveable but it, first, has to serve the purpouses of the story.