So we know the basic information about the "worlds" lore as well as specific races, but ... is it known who are our PCs? Are we (they) the champions chosen to fulfill specific task, great travellers to unravel secrets of terminus or just nobody - villager trying to stay alive (which would make sense why group of 6 "heroes" can have trouble defeating single wolf xP ). And will our characters have some pre existing history in the games world - ie. will in player starting town/village NPCs consider us childhood friends or rivals, will they comment of our past deeds etc? It may sound like something insignificant - especially in the later parts of the game, but I always loved such things - brings more flavour to the game and helps more easily connect with the character.
I suspect our story will start from our race's history, being a descended hero, if you will. I'm betting that we'll learn more about our own history through the history of our people - who we are, why we are, where we're going. Our character's story will be built as we go through what we do and how we do it. Faction, alignment, race, class and hopefully religion will all play a part in who and what we become and what our story becomes. All speculation on my part, of course, as we don't really know, but that's my guess.
I do believe this warrants an Istuulamae answer, though!
You are one of “the fallen” Hegenox...rise, RISE I say and become the hero (or bard) that you were meant to be.
[bard brain ramblings are my own, not Istuulamae approved, free advice is worth what you paid]