Runescape tried this back in 2007 along with completely disabling PvP; it was a very unpopular change for the vast majority of players who were not buying items.
I stopped playing the game around that time, so I have to thank Jagex for getting my school grades up.
The grand exchange (auction house) and the trade restrictions that landed at the same time pretty much killed the game for me.
Prior to the G.E., RuneScape had a thriving, complex economy. Players made money transporting goods from harvesting areas, either on behalf of someone or by paying independents for their goods so the independents could avoid going back to town. Players made money buying and selling goods - geographic arbitrage was very much a thing, as well as across time, and also across servers. People made money turning cheaply available goods into more expensive goods.
When the G.E. landed, it basically killed most of the economy. Harvesting stuff could still be profitable, and players could still make money transporting goods from harvesting areas to the nearest bank so people grinding levels wouldn't have to leave, but basically everything else became irrelevant. There's no point in selling anything anywhere yourself when you could take it to the G.E. and get a sale with no effort.
Less of an issue but still sad, the trading restrictions also killed the generosity of veteran players. 'drop parties', where a rich player leads a group around town dropping valuable items, died off as valuable items would no longer appear in the ground for others. Gifting people stuff was no longer possible if it exceeded (fairly low) thresholds. Very sad.
I stopped playing the game around that time, so I have to thank Jagex for getting my school grades up.