Logic seems a bit broken. So unique monsters a "rumored" to be seven, yet spawn criteria are not known... Then how do you know there are seven? And how come they know that they are strong, then? With a real game, there probably would be a list of unique monsters from the start, possibly with some hints on their spawn conditions or skills, because this would be one of the huge features of the game.
Then there is the leveling issue. Or Issues even. The guy was not at level 1, but he still had only 30 HP, which would not happen in an RPG. It also looked that previously exp was gained from killing monsters, but fighting unique monster gave exp by itself?.. This may sound cool, but such system would not be implemented, because it would be a huge pain to keel it balanced through the years, unless you use The Elder Scrolls like system, where actions give you exp, not kills (or not kills only), but that was not the case earlier. And then 50 points for gaining 10 levels? So 5 points per level while the level does seem "on lower side"... I've heard of games giving more skill points on higher levels to accommodate for the way numbers go up, but this feels a bit too much and too soon.
It's not all, since there is an issue of... The guide. I kind of alluded to it already, but the game does have a guide and it was confirmed during this episode, and it was clear that the guy did read it, but... Why is he behaving as if he does not know a thing in quite a few places of the show, as if he is intentionally playing blind, which contradicts the way the character was established in the very 1st episode? This doubly does not make sense, since he would have known how difficult the game can be if you do not meet level requirements by a huge margin, but then in reality just ignores that requirement entirely.
Even that is not enough: the unique quest has a unique location, right? A good MMO game (or even single game) will not hide is in such a way, as the anime says. For people to to continue playing and talking about the game, the location would be designed in such a way, that would promote finding it. You may still need some specific requirements, the chances of getting may still be low, but you would manage those numbers to get the hype up.
So... Maybe as anime it's ok (although I still do not get the appeal of "let's play anime"), but as a game - that feels a bit unrealistic to me.