It looks like "online game with independent client" for me.
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Player housing will live in the persistent shared world...Only a few thousand Village homes will be available to players in-game
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Once a house is purchased, players will need to pay regular taxes on it of course.
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An incentive-driven system will draw players into the challenge and intrigue of the PVP experience, whether they become the hunter or the hunted!
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It sounds not very "offline", eh?