I wanted to put a bit more thought behind the crafting above, and perhaps, tie it in with some of the other systems I've touched on.
I've mentioned that I believe that components should be scattered throughout the seas, and that crafting items should be powerful and difficult.
There are two different, generic ways, to look at crafting systems from a high level (and these are more of a spectrum than they are hard-and-fast.)
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One way is from a "shop" aspect, where 'materials' are in essence, currencies that you exchange for items at an interface that takes on the form of a crafting station. This is best when the crafting materials are very generic, and can be used over any number of items. Think, for example, a wood-working system that generates furniture. The wood is a currency that gets exchanged for the particular piece of furniture, with some level of 'gamey-ness' in between.
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The other way is to think of the system as component based. Components are, instead of currencies, tokens that you have to have in order to exchange for the item. Unlike currencies which are very generic, components are fairly specific. You have a sword grip and a sword blade, and you can exchange the two items for a sword.
Many games combine the two in a tiered fashion. Instead of using currencies to purchase the item, you instead use the currencies to buy components, which you then exchange for the item you want. It creates a long-term investment in crafting, and works towards creating an in-game economy, as the raw currencies can be exchanged for other currencies. It doesn't work for SoT.
SoT doesn't need a crafting economy. It's not that type of game. So, a crafting system needs to fit into the existing gameplay loops. "Go out, do stuff, return to port, collect rewards" The type of permanence offered by other crafting systems doesn't work. As such, the system needs to be greatly simplified.
I want to combine currencies and components in a way that allows for the game to fit into the gameplay loop, and be easily expandable. If, after the initial implementation, developers want to add in new craft-able tools, it's easy enough to do so, and provides enough flexibility that the crafting system can also hook into other systems in the game.
So, my proposal is as follows:
Crafting is a combination of specific components, and regional based currencies. Each region has craftable based currencies, I'll call them "dust" for now, as they are the magic pixie dust that gets sprinkled on to make things work. Dust is found all over the world in barrels, and is fairly easy to come by. There is a specific type of dust related to each region (Wilds, ancient isles, shores of plenty, and even the devil's roar). Components are more specific, at best belonging to 1 or 2 recipes, or belonging to a group of related recipes (such as cursed cannon balls). Components are equivalent to treasure, and can be found and added in any way that treasure could be found. They may be washed up on the shore, under the water, in shipwrecks, vaults, etc. Specific components, like specific treasures, may only come from certain types of events, while others may only spawn in certain areas, such as the beaches of the devil's roar.
An item's recipe then would be a combination of 1-2 types of dust in various quantities, plus 1 or 2 components.
The crafting stations are set spots in the seas, and are not at outposts. They may be certain items of islands (such as like with the altars for Graymarrow) or they may be entire sets, like the sea forts/siren shrines.