It started with the test cricket so it obvious to revolve everything around it, old guard is still romantise the format and in layman terms it's considered real cricket, which comes with lots of respect that's why you see major players wants to play it.
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Obviously red ball cricket is romanticized. But I don't agree when you say that there is a lot of respect in playing test cricket and major players want to play it. Test cricket remains popular only among the generation that is over 40 years old. And even they watch it only when a major series, such as the Anderson-Tendulkar, Ashes or the Border-Gavaskar is scheduled. Players who prefer red ball cricket are very low in number, as most of them prioritize the franchise T20 leagues.