One issue that I find a little troubling is that creation of permanent items seems to provide something for nothing when scaled out over time. A magic sword, when created, seems to have limitless power without any indication as to where this awesome power is drawn from. Perhaps it is folly to try and apply the limits of reality to magic in RPGs - I often speak against the over scientific examination treatment of fantasy - such as trying to rationalize how dragons fly, how can Giants exist, etc.
One can - and I do - say 'because it is magic'.
But in the confines of a game, the concept of balance needs to apply, so I am of the opinion that regardless of the magical effect, you need to put some thought into the Cost. I believe your magic system must follow a form of the Conservation of Energy - awesome power must come from an awesome source.
In the real world, things boil down to to material, energy and time as the cost for most outcomes. Magic can short circuit some of these, and I propose that greater flexibility in what can be used to pay for the change that magic affords.
Possible Prices:
Life energy - a common enough source, casters can provide that of themselves or others to power enchantments, with the side effect of fatigue or even death.
My take is that a form of Conservation of Energy needs to apply to magic - although the scope of what can be exchanged for what is expanded.
Now, when an item is magical or subjected to magic effects, it can either be a once-ever transformation, or a sustained magical effect, or a combination of both.
A sword magically enchanted to have an atom-thin edge with ridiculous sharpness would be nice, but the lifespan of the wonderful edge would be very limited without ongoing enchantments to protect it - the wonderful edge would be rather delicate and not survive use.
For purposes of argument, if the end result is an item which can exist in a universe and follow conventional laws of physics, then a one-time enchantment is possible - a simple ‘transform’ - changing the properties, shape or quantity of matter. For example, one could make an item invisible simply by changing it’s property to not reflecting light and making it absolutely transparent. This would not require magic to sustain (Air is invisible, so a precendance exists), but this very literal effect would introduce other problems. For example, a person made invisible by transformation would be unable to see. ‘Smarter’ magic which does away with side effects such as this require ongoing expenditure of energy to sustain.
However, if the end result is an effect which continues to violate the laws of physics, then some magical means to sustain it must be provided.
For example a sword which provides a +5% magical enchantment, forever.
How does it achive this bonus? Is it extra sharp? Extra heavy? Does it lend mystical skill to the wielder? Does it seek ‘life’ and is drawn towards it in motion?
If the blade is simply magically sharpened, then it is really little more then a well-crafted sword with an unusual creation method, but if it is truely enchanted to add to the expertise of the wielder, then some source of this needs to be provided.
The power source of the sword obviously could be either internal or external. Internal could be a battery of magical energy which was infused into the sword, or perhaps a spirit of some type. In any case, an internally powered magical devise will eventually draw down it’s source.
If one says "What if the spirit is immortal?" then how is that immortality sustained? If it is of a divine source, then it is likely in truth externally sourced .
So, possible laws of magic:
1.Magic is the application of mystical force - Magum.
2.Magum is tied to Life and is present in any world where it exists.
3.Constructs or conditions not allowed by the Laws of Nature require Magum to create and sustain.
4.The greater the divergence from the Laws of Nature, the greater the cost in Magum required to produce and sustain the change.
If the end result is creating something which can exist according to the laws of nature, then the effect does not need
All things have cost
Nothing is eternal - even the Gods may pass on.
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