You need to have reached at least Level 10 in order to pledge yourself to a Faction, and you'll be required to complete a starter questline before you're fully accepted into the fold of your chosen Faction. This is important in gameplay because it sets the stage for New World's 100-player PvP battles, which you can only participate in if you belong to a Faction. The three factions are in direct competition to control the various Territories that make up Aeternum and, as you can probably tell by the descriptions, are all pretty ruthless in their own way. The Syndicate are a secretive organisation who wish to tap Aeternum's natural magical resources to increase their power.
Maurauders: a Faction motivated by military might.The Covenant believe themselves to be divinely ordained to colonise Aeternum for the glory of their holy order. Covenant: a Faction motivated by religion.As part of your mission to claim control of the (conveniently unpopulated) Atlantic island of Aeternum, you can pledge your loyalty to one of three in-game factions. New World is an MMORPG that sees you take on the role of a conquistador in a semi-historical, semi-fantastical take on the colonisation of the Americas in the 17th century.