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I'm not sure if the project will squeak by the inevitable legal turmoil that will result when Wizards of the Coast catches wind of it, but for the time being, it's worth noting that a small team of Eye of the Beholder fans is hard at work on a fourth installment that will feature entirely new dungeons and other locations to explore around the Waterdeep area of The Forgotten Realms. To date, there are a bevy of screenshots up on the official website, even more artwork on the official Facebook page, a progress meter indicating the level of interest to start crowd-funding on IndieGogo, and a short backstory to help us speculate on where the team is headed with it:
This is the next episode of the classic masterpiece series. The game take place after all events were happened in previously Eye of the Beholder series. The story begins 100 years after the Assault of the Myth Drannor and 300 years after the death of Xanathar the great beholder.
A new volcanic activity generated a new island at the west of the Waterdeep and the story begins on this new volcanic island. The eruption of this volcano created this new big land and fortunately this volcano remained inactive for more than 100 years, so a lots of immigrants moved from the main land and the Waterdeep and they inhabited on this new volcanic island. New cities, keeps and fortresses were built on this new island with a new capital city with the name Tamir. The economy flourished because of Orichalcum mines were discovered and lots of dwarfs workers take over those mines and export this new mineral for more than 30 years.
All live peacefully for many years until one rainy night a warlock discovered the entrance to the Underdark and begun to execute summoning rituals.
While I'd love to play another Eye of the Beholder title, pursuing crowd-funding for a game that features artwork, logos, and other assets that other companies own is a recipe for disaster.