Diablo 4 is in development for PC, PS4, and Xbox One.
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Blizzard's Canceled Project Hades Would Make a Great Follow-Up to Diablo 4
Diablo 4's development history is quite interesting. After the release of Reaper of Souls and cancellation of King in the North for Diablo 3, development would be shifted to a "Project Hades." This was, effectively, Diablo 4 until it was canceled and replaced with "Fenris." Project Fenris was the originally code name for the form of Diablo 4 currently in development.
Fenris is clearly a tried-and-true follow-up to Diablo 3. How it lives up to its predecessor remains to be seen, but it fits into the standard formula, even where it has and is likely to deviate. On the other hand, Hades was such a far cry from Diablo 4 that it's possible that's why it was canceled. Notably, Hades probably couldn't have launched and been titled Diablo 4, but it is the perfect premise for an eventual spin-off or new release in the greater franchise.
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What was Diablo 4's Project Hades?
Hades would have been a game set in the franchise but in the style of Dark Souls. Notably, this was the main project from 2014-2016, which was a bit of a high for Soulslikes. Bloodborne released in 2015, and the years thereafter would see several takes on the Soulslike genre. Project Hades would have been Diablo's take on Dark Souls, described as a over-shoulder third-person dungeon crawler. Unfortunately, the project never manifested and was cancelled due to or because of a rough development cycle.
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