My honest opinion, I don't think LitRPG would translate very well to the format of movies. Moves have a more visual style, but, in general, they also are more geared to faster-paced stories, with little to no world building. I really think that format just will not lend itself to the genre. TV series, 12 episodes minimum, would be a better format, allowing more world building and character development that the movie format just really lacks. At the very least, LitRPG movies will be LitRPG *very* light, with so much stripped out of it that it would be hard to really tell if it is even litRPG. I think the best for that would probably be a portal world book, maybe, Delvers by BC, could be formatted to work well as a movie without having to gut too much out of the story. Thinking in terms of a 12 episode TV series, I would love to see Harmon Cooper's The Feedback Loop could be turned into an interesting series.
What if it was made like Hardcore Henry or Pandemic? 1st person view. Otherwise, it could look as real as any other movie seeing as it is VR. Basically a 1st person view of the mc in Lord of the Rings. I would go with The Gam3 or Alterworld at the moment. Although it would be awesome to see a "The Shaman has 3 hands" scene.