We don't have an exact day to announce, but it's currently going through the Steam process and we are expecting that to be complete this upcoming week.
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@awol_lsd Since we're nowhere near getting out of Beta, as Alpha has just ended, I doubt there's an answer yet.
I think the devs are being generous in letting us keep skills and recipes. Most games wipe entirely at full release. We get to keep the most important part, I'm fine with that.
Favor represents top price paid, storage, money pool available, and access to many things. I think the economy will be much more robust with the wipe and everyone struggling a bit. It means less of a have and have-nots scenario.
However, can you imagine how crowded the beginning locations will be to gather favor items? Not to mention a new person will not even have a chance...
It will be chaos for everyone for a few days, new and old alike, but the higher level characters will be off to other zones immediately. Surveying, and skinning are the two best favor items early on. The first doesn't have competition, and it's actually easier to survey when any critter in a zone is dead in 5 seconds :) Elt/serb/serbhills will be packed at first, but by the end of the day there will be people hunting in ilmari, rahu, and kur.