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Technological advancements helped level the playing field for Main Street and Wall Street investors over decades. Following the Covid trading boom and a banner performance in 2025, individual investors became a mainstay of today's markets and shook off their "dumb money" stigma.

But advocates for small investors now warn that efforts to change corporate earnings, Federal Reserve communication and social media access could undo a sizable chunk of that progress. These shifts would disadvantage retail investors at a time when they are a more powerful force than ever in financial markets.

"We are almost taking steps backwards," said Hardika Singh, economic strategist at asset manager Fundstrat. "It's almost making me wonder: Are we sort of entering this information blackout age for a very important subset of the stock market?"

There's three key storylines market participants are tracking that could hurt the retail crowd:

1. Corporate earnings changes

The Securities and Exchange Commission in May backed President Donald Trump's proposal for public companies to report earnings biannually instead of quarterly. SEC Chairman Paul Atkins said in a statement that the organization's "rigid" rules have stopped companies from finding a reporting cadence that "best serves their business needs."

Investors acknowledge that required quarterly reports can strain corporate resources and keep firms from going public. But having less of these audited releases could result in an information vacuum for retail investors, according to Siebert Financial's Mark Malek. More unofficial content or misinformation could arise as a result, he said.

Quarterly earnings reports are "the gold standard," said Malek, the firm's investing chief. "Taking that away is definitely disadvantaging the retail investor." 

In a poll on retail investing platform Moomoo, U.S. CEO Neil McDonald found that most users disliked the prospect of switching to a twice-yearly reporting cycle. If retail investors have less-frequent insight into financial performance, McDonald said that they would likely become more hesitant to invest in small-cap, high-growth companies.

McDonald remembers working at Goldman Sachs in the 1980s when analysts would jet off to a company's headquarters to collect earnings reports. The analyst would dictate the results by phone, allowing the bank to quickly alert its institutional clients. A retail investor likely wouldn't know how the company performed until the newspaper arrived a day later, he said.

Wall Street has a history of using unconventional mechanisms when official information is difficult to find. Before the SEC mandated quarterly earnings in 1970, firms tracked data like weekly rail car loadings for clues on the direction of economic activity. When China was a black box for American investors, traders followed coal shipments to the country as a leading indicator for production.

Freight rail cars sit in a rail yard on November 22, 2022 in Wilmington, California.

Mario Tama | Getty Images

If there are fewer earnings reports, institutional investors will be able to lean on their teams of analysts, who often have direct access to a company's C-suite. Small-scale investors, on the other hand, typically only hear directly from these executives by listening into earnings calls or tracking their public appearances.

"The chief financial officer is not likely going to take a call from Joe Blow," said Sam Stovall, chief investment strategist at CFRA Research, whose firm advertises services for both big and small investors. "But they would take a call from a very high-profile institutional investor."

2. Less Fed communication

New Fed Chairman Kevin Warsh has cut down the central bank's policy meeting statement and removed forward guidance. Warsh, who has promised sweeping changes in how the Fed communicates, also floated the idea of having fewer of these gatherings.

Hearing less from the Fed can make it harder for retail to set expectations for the economy and monetary policy, which can be important factors when deciding overall portfolio allocation. Additionally, small investors have a penchant for technology stocks whose growth outlooks are dependent in part on borrowing costs determined by the Fed.

Kevin Warsh, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, July 29, 2026.

Al Drago | Bloomberg | Getty Images

Markets have already had less clear of a consensus heading into the first two Fed meetings under Warsh when compared against recent history. With less policy hints from the Fed, investors anticipate more volatility after policy decisions are announced.

Wall Street firms have built out artificial intelligence-powered tools to keep a handle on the Fed in the lower-communication environment. Several of these institutions have economists — and, in many cases, Fed alumni — on staff to predict what the central bank's next move could mean for markets.

If the macroeconomic picture becomes harder to gauge, CFRA's Stovall said small investors may look to financial advisors for help.

3. The Truth API service

Truth Media & Technology Group's launch of Truth API — a paid data service providing faster access to Truth Social posts — heightened the concern of retail investors having the cards stacked against them.

Kevin McGurn, Trump Media's interim CEO, said in a statement around its release this month that the API provides "a direct, licensed, real-time feed of the platform's most market-moving Truths." Trump Media did not respond to CNBC's questions about the cost of the offering or how early of access it offers.

Multiple of the S&P 500's best and worst days during Trump's second term have been driven by posts he made on Truth Social, a Fundstrat data analysis found.

"He has the market in the palm of his hands," said Fundstrat's Singh. "Never before in history has a president exerted this level of control via social media."

Several investors told CNBC that Trump is incentivized to make more market-moving Truth Social posts to drum up interest in the API. Trump's family is the largest shareholder in Trump Media, which reported more than $230 million in net losses during the second quarter.

Siebert's Malek likened Truth API to the push among big trading firms in recent years to move their servers closer to those of exchanges. The idea was that the proximity would allow them to get information even a few milliseconds before competitors, resulting in earlier trades, he said.

Malek said Siebert isn't planning to pay for access to Truth API. However, he said the offering should provide an advantage for big investors looking to time the market.

Cheng Xin | Getty Images News | Getty Images

There's a silver lining for long term-focused retail investors who can handle increased volatility, according to Douglas Yones, CEO of exchange-traded fund manager Direxion. If Trump's future posts drive down the market, he said retail investors will have additional opportunities to buy pullbacks in equities.

"You don't need to subscribe to that API," said Yones, a former executive at the New York Stock Exchange. "What you need to do is be ready for the outsized movement."

A level playing field?

Even if big money ends up with the upper-hand, market participants said they should still be concerned if retail traders are cast out.

Retail investors have been credited with fearlessly loading up on stocks in recent years, providing a baseline of inflows that has helped the current bull market become one of the longest on record. Individual investors bought the dip during 2025's tariff-related market selloff while their institutional counterparts ran for the hills.

Singh said that having a higher number of retail investors in the market allows for better "price discovery," meaning that values attributed to a security are more fairly determined. If these changes take effect, the strategist said the broader market could feel negative ramifications as soon as this year.

But even with these potential speed bumps, Bret Kenwell, eToro's U.S. investment analyst, expects retail to continue taking up a bigger slice of the overall pie. The stage is set for this year: Citadel found that overall activity among individual traders hit a record in June.

"I don't think any of these developments would be enough to drive retail investors out of the market," Kenwell said. "It's a question of whether it remains a level playing field for them."

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“Iran’s message is clear: The Strait of Hormuz will not reopen until the US ends the war and blockade, releases Iran’s frozen assets, and agrees to a region-wide ceasefire, including in Lebanon and Gaza,” Mohsen Rezaei said in a social media post late on Tuesday.

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“Until all conditions are met, the Strait will remain closed,” added the former wartime commander-in-chief of the Islamic Revolutionary Guard Corps (IRGC).

His defiant message was in line with conditions emphasised by his predecessor, Mohammad Bagher Zolghadr, and by newly appointed commanders as Iranian authorities maintain that they are willing and capable of continuing to stand up to their opponents in the US-Israel war on Iran.

In his first meeting as secretary of Iran’s Supreme National Security Council, Rezaei sat down with a delegation led by China’s envoy to Tehran, Cong Peiwu, on Tuesday. State media said he pushed for closer ties with China, praised its unwillingness to go along with US-backed resolutions targeting Iran at the United Nations, and said any potential deal with Oman over the Strait of Hormuz is separate from Washington.

But an arrangement with Oman, which Tehran said last week had been finalised and was awaiting confirmation at the top, still does not appear imminent, with military action continuing in the Strait of Hormuz, as well as the Red Sea and Bab al-Mandeb Strait.

A merchant ship appeared to have been hit by a projectile off the coast of Oman on Sunday night, when Rezaei’s appointment was announced. The Iran-aligned Houthis in Yemen launched their deadliest recent maritime attack on Tuesday, hitting an Egyptian-owned ship in the Red Sea in an attack that killed six people, according to the Houthis’ rival, Yemen’s internationally recognised government.

The US military reported an overnight attack on Tuesday, saying a US Navy helicopter fired two Hellfire missiles at a Panama-flagged vessel in order to enforce its naval blockade of Iran’s southern ports. This marked the 12th vessel attacked by US forces since April, and the third since the blockade resumed almost a month ago after the collapse of a memorandum of understanding (MoU) that was signed by Iran and the US in June.

With the 60-day period of the repeatedly violated MoU approaching next week, mediators such as Pakistan and Qatar have said they are continuing efforts to bring the two sides closer to a diplomatic solution.

Yet the rhetoric from Tehran has only hardened over the past week, with the IRGC indicating that it aims to take threats from the administration of US President Donald Trump, including to further strike Iran’s power plants and civilian infrastructure, more seriously.

“If Iran is threatened again, hundreds of thousands of miles of energy lines, thousands of power plants, all the American and non-American systems, and even global infrastructure connected to the internet will be exposed to threat,” IRGC spokesman Hossein Mohebbi said on Wednesday.

“The US had about 30 to 40 war vessels in the region before the war, but today not even a single US warship is present in the Persian Gulf,” he said, adding that the declining level of key air defence missiles and precision munitions in the Pentagon’s arsenal was a “big threat” facing US decision-makers.

Mohammad Reza Naqdi, an adviser to the IRGC’s chief commander, claimed on state television on Tuesday night that the force has continued to produce more ballistic missiles and drones during the war than it has been firing across the region, relying predominantly on native know-how and capabilities.

“Even if the war takes several years, our ballistic missiles would still descend on our enemies,” he said.

Military integration

In appointing six new figures to leading military posts this week, Supreme Leader Mojtaba Khamenei consolidated a small circle of trusted officials, including longtime ally Hossein Taeb as the new head of the paramilitary Basij force of the IRGC.

Khamenei also selected Ali Abdollahi, head of the Khatam al-Anbiya joint wartime command, to lead the General Staff of Armed Forces.

Abdollahi is tasked with integrating the Khatam headquarters, which was formed during the eight-year war with Iraq in the 1980s to coordinate operations between the then-nascent IRGC and Iran’s regular army, with the general staff overseeing all armed personnel.

In his post-appointment message, Abdollahi emphasised upgrading capabilities across missiles, drones, naval, ground, cyber and asymmetric warfare, in addition to closer inter-service coordination and naval readiness to take action around the Strait of Hormuz.

IRGC commander-in-chief Ahmad Vahidi said he would cooperate with the other military leaders in order to resist the “Zionist-American arrogance”.

Battling an exacerbating economic crunch, President Masoud Pezeshkian suggested on Wednesday that the opponents of the Islamic Republic may be looking to defeat it by banking on another round of nationwide protests on the back of public discontent.

“The current war is more complex than before, and the enemy is pursuing collapse from inside the country,” he said during a speech.

Ali Akbar Javidan, head of the police border guard in the western province of Kurdistan in Iran, said on Wednesday that US claims that Iraq-based separatist Kurdish fighters could potentially launch a ground assault on Iranian soil were “delusional”.

“The country’s borders are fully safe and impenetrable through the vigilance of border personnel and the backing of people living in border areas, including the brave people of Kurdistan, Sistan and Baluchistan, and Khuzestan,” he was quoted as saying by state media.

In the meantime, most of Iran’s population of about 90 million people continues to weather the worsening impact of war and uncertainty, as well as a tightening security grip at home.

“I have given up on predicting what’s going to happen,” Jamshid, a 36-year-old resident of central Tehran, told Al Jazeera.

“I don’t expect anything to get better this year, or maybe even next year,” he said. “I just hope this situation doesn’t last a lot longer than that, because most of our youth is already gone dealing with these things.” %!s()

The curfew was introduced in January after a number of late-night incidents on the tours of New Zealand and Australia.

Following the first Test of the home summer - a win against New Zealand - former Test captain Ben Stokes broke the curfew in a nightclub in London, sparking a series of events that eventually led to his retirement from international cricket.

In the aftermath of the nightclub incident, director of cricket Rob Key considered imposing a total alcohol ban on the England players.

Then-Test coach Brendon McCullum admitted to "ambiguity" surrounding the communication of the curfew, with new guidelines on it and the consumption of alcohol issued to the England players last month.

But before Root's first Test back in charge, against Pakistan at Headingley next week, he has relaxed the rules and said: "Let's be adults."

The curfew has also been lifted for the white-ball team, despite no change in the leadership of the one-day and T20 sides.

Led by coach McCullum and captain Harry Brook, the limited-overs sides will also no longer have to abide by the midnight rule.

Speaking to Sky Sports, Root said: "There's not going to be a curfew. I don't think this needs to be a big deal, to be honest."

A curfew was first put in place during Root's first spell as Test captain, between 2017 and 2022, and introduced after drinking incidents on the Ashes tour of 2017-18.

It was abolished when Stokes took over as captain in 2022, only to then be reintroduced earlier this year.

Now it has been scrapped again as Root begins his second spell as captain.

McCullum has been replaced as Test coach by fellow New Zealander Stephen Fleming, although he will not be in place for the three matches against Pakistan, with Marcus Trescothick acting as the interim coach.

"My view on curfews is that I don't think they work and if you want guys to take responsibility on the field, they've got to feel like they can be grown adults off it and make good, strong decisions off it," added Root.

"And that's for us as a team to manage well, and self-police well, for me and Flem to manage well in many ways."

The curfew was first imposed on the white-ball team in January for their tour of Sri Lanka and the T20 World Cup that followed.

It came after Brook was punched by a nightclub bouncer in Wellington and opener Ben Duckett was filmed, apparently drunk, on England's mid-Ashes holiday in Noosa.

The curfew remained in place for the Test team in the home summer, although there was confusion surrounding the terms and how it was communicated.

Stokes and pace bowler Gus Atkinson were out past midnight following the victory over New Zealand at Lord's, when a member of the England security staff was punched by a Saracens rugby player.

The pair missed the second Test against the Black Caps while the incident was investigated, and were ultimately cleared of wrongdoing. After he returned for the third Test, Stokes announced midway through the match at Trent Bridge it would be his last for England.

Root said: "Ultimately, you're grown adults, you know what it takes to play for England, you know what your responsibilities are off the field and we need to make sure we don't find ourselves with any of those situations, off the field, to manage.

"We should be known for how we play our cricket and what we do on the field. We should be on the back page of the papers, and people reading about that sort of stuff. So, that's as much as I've got to say on it.

"Let's be adults. Look after yourselves, look after each other, create a good, strong culture where you know the right time is to celebrate and enjoy a win, or to have a sensible beer or whatever. And remember you're playing for England."

A statement from the England and Wales Cricket Board added: "We have a Test captain and coach, who are looking at how they set team standards and culture.

"As part of this, the curfew will no longer be in place. We will ensure all players have a clear understanding of expectations when they come together for the upcoming Test series."

The removal of the curfew is a partial U-turn on behavioural guidelines that were issued last month and also recommended no alcohol be consumed on the day immediately before, during or on the day immediately after a match.

If players do choose to drink in the period before, during or after matches, it should not be in public.

They have also been strongly discouraged from drinking in private, in order to aid preparation, recovery and professionalism.

The guidelines apply only to the England senior men's teams. All other England sides - the women, Lions and age-group teams - have their own rules. England women do not have formal rules on alcohol.

Last week, Stokes denied the England team has a problem with alcohol, but instead said "cricket has a drinking culture and that has not changed".

Analysis - Curfew introduced, broken, argued over, clarified and now scrapped

Another day, another change in the rules governing the behaviour of the England men's teams.

This year alone, a curfew has been introduced, broken, argued over, clarified and now scrapped.

It is a poor look for the top level of English cricket that there remains a hokey-cokey over a curfew first introduced almost a decade ago. It's worth reiterating these rules have only ever applied to the senior men - not the pathway or women's teams.

Should grown men and professional athletes require their bedtime in writing? It raises questions about the attitude of cricket as a whole.

Stokes was right when he said last week there exists a drinking culture in the sport, not only the England team.

The reputation of the men's side has taken a severe battering on and off the pitch in the past year.

The new leadership team of Root and Fleming has the opportunity to repair the damage, starting with some wins on the field. The noises from the ECB are that Fleming is a "grown-up" - and England have certainly lacked maturity in recent times.

Although Root's arrival as Test captain presents the opportunity to lift the curfew, the situation around the white-ball team is odd.

The limited-overs side was the first to be placed under the curfew, and their leadership team of Brook and McCullum remains unchanged, so why is that curfew now scrapped?

Clearly it would be odd to have one England side under a curfew and not another, and it's understood McCullum is supportive of this new approach. So, was he therefore not supportive of the curfew being introduced in the first place?

And what kind of behaviour are we going to see from the England team when they meet in Leeds on Monday? What would be the consequences of another misdemeanour?

"Let's be adults," said Root. England have tried that before and failed. What now? %!s()

While most of us will have to stick to watching our favorite race cars cross the finish line from our couches, Honda Racing Corporation’s new Heritage Racing Program gives enthusiasts the chance to buy track-ready historic champion race cars and put them back in the paddock.

The first to get this celebrity pampering under the heritage program is a Sebring winner. The Andretti Green Racing No. 26 AGR Acura ARX-01a won the LMP2 class during its debut race at the 12 Hours of Sebring in 2007. Racing legends Dario Franchitti, Bryan Herta, and Tony Kanaan piloted the endurance car to victory.

Franchitti says the car “made you feel like a hero, it made you feel like the best driver in the world,” in a video released by HRC. Now, people won’t have to be a legendary driver to experience the thrill of the champion endurance car—they’ll just need to have enough money to buy it.

HRC wants these historic cars to race again. Rather than selling the car with the original, worn parts, the restoration team completely rebuilds the engine and modernizes electronics. The cars end up as close to brand new as they can get, and the team uses original documents, notes, and photos to get them nearly identical to how they worked when they first crossed the finish line. The only deviation from the original formula lies in the electronics and safety features, which are updated to meet modern track and safety requirements.

While the official Heritage Racing Program is new, HRC is well-versed in restoring race cars and putting them back on track. It recently restored several endurance cars that will drive this weekend at the Monterey Motorsports Reunion at WeatherTech Raceway Laguna Seca, including the 2019 Acura Team Penske ARX-05 IMSA champion and the 2010 ARX-01c Le Mans LMP2 class winner. These restorations are what originally inspired the Heritage Racing Program.

Each car that’s restored through the program, including the ARX-01a, gets thoroughly track tested by HRC’s engineers. Once a car is sold, the engineers remain available for track support and competition assistance when the new owners get behind the wheel and hunt for a checkered flag of their own.

The ARX-01a is currently for sale and will be displayed at the Quail on August 14 during Monterey Car Week. It’s riding into the weekend with more than 20 Honda and Acura champion cars from Formula 1, IndyCar, IMSA, SCCA, Baja, MotoGP, Dakar, and the Isle of Man, among others, which will be displayed at various places throughout the weekend. A price for the ARX-01a hasn’t been released, but this kind of exclusivity and historic value will surely pick up quite a tab.

Alayna Wilkening grew up reading motorsport magazines and following her grandpa around his Chevrolet dealership's showroom floor. In true Hoosier fashion, her first car was a hot pink custom cardboard "Fiero-vette" for her kindergarten Kindy 500 race. She now autocrosses a 1994 Miata with her dad, which she learned to drive the night before her first event. Alayna went to Indiana University and graduated with a degree in journalism and a minor in graphic design. As a testament to her great taste in cars, her first real one was a metallic orange 2007 Chevy HHR, which she lovingly called "The Dumptruck."   %!s()

Warframe continues to pull a crowd, as was evident at this year's somewhat dystopian Tennocon expo, in which there was a whole auditorium set aside to house the queue for a bunch of T-shirt stands. That popularity gives Soulframe leeway to experiment and screw up, but it also creates temptation for developers Digital Extremes (who are owned by Tencent) to stick with what they know. Still, Warframe won't be a hit forever. As such, Soulframe's creators are trying to walk the line between lifting ideas from Warframe, and luring a new following with combat mechanics that take inspiration from Elden Ring.

According to Soulframe design director and former Warframe design director Scott McGregor, one thematic departure is that Soulframe's universe is relatively hopeful, however troubled. It takes place on a rustic medieval planet that is being colonised by a bunch of evil spacefaring moblins called the Ode, who are governed by a hypnotic Spellsong. As an Envoy empowered by a pact with ancient Fey spirits, you must stomp the Ode's raucous tinhat enforcers and free the moist-eyed critters they've imprisoned or corrupted. All of which reflects a conviction that the real world is going to hell.

"The world's becoming so bleak, and so hard to deal with, and everything seems to be getting so depressing," says McGregor. "And so when we were starting to work on Soulframe, it was looking for something that was maybe a little bit more inspirational, had a little bit more redemption to it than just, you know, more dark and evil.

"Those things exist in the game because you need to show the contrast and the evolution from that point, but for us as a team, it's looking for a happier place and a happier world," he continues. "And I think everyone feels that way right now. Like, the world doesn't feel like it's in a good spot, with the environment, with the political climate and all that sort of thing, so I think looking for an inspirational story or redemption arc is a big part of Soulframe."

Within that fuzzy objective of kindling optimism, the developers are also trying to peel themselves away from the sheer overkill of Warframe's combat. Soulframe has a bunch of projectile weaponry and ranged magic, but it hinges on methodical melee duels. It also doesn't have Warframe's absurd parkour system, which sees the most experienced players blinking through layouts in search of the choicest crafting materials.

"I would say we're still trying to sell that power fantasy to the player, but at a different pace and a different scale," McGregor continues. "Maybe you're a little bit more cosy, a little less bombastic. A lot of our review meetings, the stuff we talk about - we are trying to be very conscious about how explosive the screen is, and you know, how many times certain effects are applied to all of the enemies, or the number that you're engaging with at a single time, in a single fight. Making sure that it doesn't feel overwhelming for a single player, or a player who wants to play a little bit slower."

"I think what's interesting about working on this game from the design perspective is there's a higher skill barrier," he goes on. "Because it is a melee combat game, and there are some more timing-based aspects. You can get good at the game, even at a low level with bad gear and bad weapons. You could actually play at a pretty high level, if you have the mechanical skill… without necessarily having the gear."

McGregor draws a parallel with From Software's work. "You watch some of those Elden Ring players, where they go in there with a diaper on and the worst sword in the game, and they take on the best boss and you're, like, wow," he says. "Having it so that skill levels still matter, I think, is important as well. Warframe has a bit of that, but there's so much AOE room clearing - I'm gonna kill, like, 300 AIs with one button press."

Going by what I've played myself, I'm wary of Elden Ring parallels. Soulframe's melee combat isn't nearly as intricate or testing. Its open world is a sleepy golden expanse of forest glades and Ode camps in which you don't have to think too hard about terrain tactics, though there are some pleasantly enveloping dungeons beneath. Still, it's definitely more stately and precise than its older sister. It's a game of evasive rolls and parries in which you pay less attention to your stats. "It's definitely something that we're consciously always trying to manage," McGregor says, "and make sure that we don't go down that slope into Warframe land, because we definitely do want that contrast."

Like Warframe, Soulframe will live in 'eternal beta'. At the time of writing, the game has entered its 15th "prelude", these being the developer's Wordsworthian equivalents for early access updates. (Soulframe's writing in general is bardish to the point that I sometimes want to throw rotten eggs and tomatoes at it, like a drunken theatre goer in the 1500s). Digital Extremes are slowly adding stories, gear and areas while monitoring player feedback. After 13 years of Warfromage, the devs have learned a thing or two about keeping players glued to a work-in-progress, but they aren't, apparently, just reapplying the same lessons.

"I would say that there are some similarities, but the majority of the path that we're taking is actually quite different from the path we took with Warframe," says Sheldon Carter, studio president. "At least right now, that's what it feels like. One of the cool things, or also sometimes the chaotic things about live service is you're kind of driving the train while you're laying the tracks down." One rule of thumb is not to reveal things too early. Carter gives the example of Warframe's Duviri Paradox update, which was announced in 2019 and belatedly released in 2023. "We had to keep delaying it, because we didn't leave slack for getting punched in the face," Carter summarises, "and we got punched in the face on a few things between."

The major difference with Soulframe is that where early updates for Warframe were more about keeping the lights on, the new game has always been a live service project with a plan for years of significant changes. "I'll say the ambition is bigger on Soulframe from update to update, early in the game than we were on Warframe," McGregor recalls. "Warframe was a lot of really small, quick updates to add more life to the game, to add more content to the game. Soulframe updates so far have been bigger swings. We definitely feel like we've got to get back to those quicker ones, but there's an overall idea of what the story is, what the progression is going to be."

Soulframe's next serious update will add mounts to the game, together with a new pact that allows you to channel the Ode's grotty magic, and a quest about your Envoy's origins that features playable beavers. The most recent update, the aforesaid prelude 15, was more of an overhaul, introducing randomised weapon drops to address complaints about how long it takes to craft them. "Players can now get those weapons easier and try them out, but then, we also added the ability to sort of deeply invest into those weapons," says McGregor. "So, if you do find something you really like, then we added a crafting loop to go deeper with it."

Going by a quick read of the game's forums, players have mixed feelings about this latter update, with some protesting that their existing arsenals are now obsolete. As a business, Digital Extremes surely need to get this right, because Soulframe makes its money via the familiar option to purchase things you can otherwise grind for. As such, players need to feel that their time is well spent, but not so much that they can't be beguiled into coughing up for the occasional progression shortcut. In general, I'd love to get hold of some proper statistical analysis of how Soulframe's monetisation has been shaped by McGregor's desire to give players more opportunity to prevail, even when they're armed with rubbish gear.

Digital Extremes haven't released any real statistical info on Soulframe's players, but according to Sheldon Carter, the team's efforts to differentiate their creation from Warframe are bearing fruit. "There's definitely a huge segment of Soulframe that is a completely different type of player than those who play Warframe," he says. As for those who've come over from Warframe, Carter is fairly confident that they'll put up with a few blunders, as the game takes shape. "We don't take it for granted, but we've definitely earned [some trust] with our community, especially on Warframe - if we were to have a huge miss on something, they're going to be okay with us trying again."

This article is based on a trip to Tennocon 2026, for which the event's organisers covered travel and accommodation. %!s()