The game is a Stealth Prequel to Bloodborne
- The game takes place in a boarding school near a forest, it's lead by an old headmaster in a wheelchair, and several of the characters share names and characteristics with the characters in Bloodborne. While this game focuses around Fae rather than lovecraftian Old Ones, Bloodborne also has an invisible and incorporeal entity that influences much of the story, Formless Oedon.
The Guide is a remnant of Margareta
- A timeline of events as presumed by this theory:
- Alexis is born, and the faerie cult in Rohn wants to use her to create the perfect faerie.
- They prepare Alexis for becoming a faerie, which includes Margareta making recordings to walk Alexis through the process.
- The Headmaster and Margareta have a change of heart and decide to raise their new orphans legitimately.
- Alexis dies, either by being intentionally sacrificed for the experiment, or due to an accident.
- Margareta doesn't want Alexis to end up as a faerie as per her change of heart. She steals a red ring that was intended to be given to Alexis, and takes it with her when she drowns herself in the river so that Alexis can pass on peacefully.
- Before Alexis can pass on, she finds herself called to Yuliya and inadvertently gains a new red ring. Along the way, Alexis recalls the recordings Margareta made before she died.
- The beginning of the game starts with a phonograph asking you if you're excited that you're going to become a faerie. This message makes a lot of sense as addressed to a child sacrificed for this very purpose. At the end of the game, the photo of Alexis captioned as being before she became a faerie is even sitting next to the phonograph. The straightforward description of this photo implies that the Headmaster and Margareta might have been on board with the plan at one point. While we know that they eventually decided to turn over a new leaf when the main children arrived, thanks to a note by Margareta in the music hall, that doesn't mean that Margareta didn't record a speech before that point. We know that Margareta was still alive after receiving the new children, thanks to a photo in the chapel, but nevertheless, Margareta still eventually killed herself due to something involving Alexis, as we know through the Headmaster's notes, and died with a red ring on, thanks to her appearance in February.
You Almost Become Evil After All
- As the Evil Faerie goes to take the time from Marie and Rozsa, your vision is altered by a strange glow. The evil and wicked faeries both have a blue light obscuring their vision, which this could be an early version of. In other words, when the Evil Faerie moves to kill the last two children, even the Kind Faerie feels regret and a desperate need to change the past, just like all of the adults. Indeed, every action you take after this point in the game are increasingly desperate attempts to avert this one event. The only reason you don't fall like them is because you give up your power before it's too late, not because you were too young to fall.
You Are The Evil Faerie
- While we know the forest is plagued by the faeries and the Old Man is prepared for them, the Evil Faerie we encounter is implied by him to have only recently arrived in the area. This theory posits that this is not a coincidence and that the Evil Faerie is, in fact, your future self trapped in a sort of Stable Time Loop. For context, when trying to prevent the children from visiting the forest, one of the things you can do is dispose of Noo so that the children aren't inspired by your resurrection of Noo. However, when you do this, it's established that your past self retroactively took different actions. This implies that non-present versions of yourself can take actions that you yourself aren't even aware of. Thus, perhaps, the Evil Faerie is a future version of yourself that has become so obsessed with trying to change the events of that fateful winter night, that you have begun to attack the very children you were there to protect, in order to use their life forces to go back far enough to change things. The player themselves can loop the game infinitely trying to look for a way to change things to no avail, so if the game wasn't limited by what's pre-programmed, the idea that you could continue to look for other options, including using the children's life forces, isn't entirely far-fetched, especially since we know that this is basically the fashion in which all of the other faeries turned evil: trying desperately to fix their regrets until they went insane. The Evil Faerie also immediately goes back in time after taking the last life, just as you do. If that's because they are you from a different spot on the timeline essentially trying to do the same thing, it would explain why the Evil Faerie going back in time is never followed up on. Not only is their motivation going to keep them in that loop, so there's no danger of them messing up the past, but giving up your power at the end of the game means they will never exist to begin with.
