Don’t under-estimate the metagame that is bagspace management of non-tradeable items. 
Phases don’t relate exactly to patches (as far as game systems have been concerned). Loot that was available in MC at launch has the itemization stats it had later in the game. AV is as it was in 1.12, not 1.0.x, etc. I’m guessing they ran out of time to get the key ring in before launch. If this blue post said it would come with phase 2 then I would agree that they’re looking at it like “new loot”.
That’s system vs content. They’re doing progressive item release, not progressive itemization.
This is the most likely reason, because it’s a unique game element that doesn’t exist in any similar form in Retail.
That was my point with that example. The key ring is a system not a progressive item. Though I guess it could count as content.
It was an feature that simplified inventory management. In some respects, it could be viewed as comparable to an Onyxia Hide Backpack or other inventory item, and thus could have fallen under the “progressive release” plan they had for content and items.
Obviously, with its availability being linked to a patch, rather than a phase, says they probably had a technical issue in re-implementing it in the Modern Client/Server infrastructure, and that was the cause for delay.
But given Blizzard’s lack of input up to that point, it was “reasonable” for players to conclude it was being reserved for the final phase of the game… About when it appeared in Vanilla WoW.
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I can be the KEYMASTER again! whooo hooo!
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sadly i just got a key and no keyring… wth
Sooo maybe by nax? Clearly first patch didn’t go so well eh?
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3rd post is the charm? 
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Could not get the quote to work and apparently delete doesn’t delete, live and learn 
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Phase 2 = keyring.
We are in phase 1.
Just because DM opened doesn’t mean we are in phase 2.
Is there a new official statement saying it will be in phase 2? As the only official statement I’ve seen said nothing about phase 2, and is quoted by Lilsnac. Post the new Blue post, or otherwise you are creating and spreading false information and should delete your post.
Still no keyring.
Patch will be Thursday to update the honor system and release the two word bosses.
It’s still Tuesday. Have faith!
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Phase 2 wasn’t released today. It releases in a couple days. Today was just normal maintenance and the removal of layering for the remaining realms that still had it enabled.
We’ll see.
Man, I cannot wait, it will free a lot of bank space.
But I’m a Rogue so… hmm… I don’t really need them at all.
… I’ve kept them for this long, may as well wait until Thursday.
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I’m a completionist, I might not need the rings but I want them!
Had a rogue in vanilla and did the same thing lol.
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Ha, completionist in me approves as well.
At least now I won’t have a possibility of failing to open a door anymore! 
I still don’t have the stratholme key. I’m a walking key.