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I played and also discussed this topic with Am. He was already thinking about outlining the story and so on, but he needs help. The game will most likely take place in Morrowind, between the Great Houses (Hlaalu and Redoran, maybe Telvanni). I don't know about the rest.
But I think we could make a war between guilds... maybe Thieves vs. Morag Tong (or whatever it's called).