I'd be interested in joining this one once its up and running. 

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As for a name, you could call it Aether - the Sixth Element. There could be a running them of discovery in the game where everyone is trying to discover what the sixth element is along with where to find it and how to manipulate it for their own gain. Just a thought, considering you're going for an elemental themed game.

Another suggestion would be to change the element of Air to the element of Wood to match more closely to the Five Chinese Elements. This wouldn't be difficult considering the air element is at the top of a giant tree and all. To balance things out you could augment the elemental alignment of some of the races. Holy beings like angels and demons could be considered part of the sixth "divine" element. Humans could be scattered among all of the different elements since they're adaptable folk. Fire could be primarily dragonfolk. Wood could be fae. Earth could be your air themed creatures outside of the divine. Metal could be dwarves and crafty gnomes. Water would probably remain unchanged. You might be wondering why earth would be air creatures, but mountain regions have lots of high places and lots and lots of wind so it does still work. Even an albatross has to rest its wings occasionally.

As for the death game aspect, I might change the plot of it. There is no way that the government of [b]any[/b] country would import a game that notoriously kills people, especially not the "safety obsessed" Americans. American businesses even refuse to import foreign cars with low safety ratings (mostly for insurance reasons) unless they're a specialty distributor. Also, America is both figuratively and literally very close to Japan, and they were probably right there during the whole SAO debacle rallying together cries for help and donating to shady homegrown "save Japan" charities. There wouldn't be a highschooler in the entire country that hadn't heard about the murderous video game. 

My approach might be to have the game hijacked by some kind of idealist faction. Not exactly wanton murderers, but still hostile and not afraid to take people hostage to get what they want. They could be trying to pry some kind of secret information out of the game put there by the creator for unknown reasons, and placed the game into the homicidal "lockdown" mode in order to cover their tracks while they work. While everyone else is focused on survival and rescue, their trained agents inside the game can move about more freely. It's silly, but still sufficiently dark and fun.   
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