I really hope it has RPG elements and to be clear, I largely mean different looking armour.
Given the Nordic overtones I'd imagine something closer to the Norse aelves and not the rather post-modern "Fair folk" which is about as true and "oldschool" to the wide variety of folk beliefs it draws on as the "all fairies are sunshine and light".
If there are "elves," we could be talking oldschool fair folk who are just as wicked as humans if not more.
Given the Nordic overtones I'd imagine something closer to the Norse aelves and not the rather post-modern "Fair folk" which is about as true and "oldschool" to the wide variety of folk beliefs it draws on as the "all fairies are sunshine and light".