The setting is honestly being built on the fly, as we interact with it.

It will be influenced by what you all as players do.
Everyone wants to be a human, then the other races are rare or even non-existent.
Describe a coastal town you grew up with before coming to the Guild? It now exists!

I do picture traditional Western European, medieval style, high fantasy.
No gunpowder, no steam engines, but magic (obviously), monsters, peasants working to tend to the nobility, and so forth.