Not everyone will have 50 element. After the market adjusts (this is significant - the market will change and item prices will fluctuate to meet a new equilibrium, whatever that may be) this will make element grinding what grinding should have been: A properly, reliably damage-scaled and price-scaled investment for someone to improve a weapon they wish to use in the long term.
Grinding right now is a must for most weapons to even be used in the endgame because the last few grinds are so significant. For element grinding though, you pick up a weapon that's already about 24-36 element on average, and that's only ~15% less powerful than a 50 element weapon.
This is probably the single best, most balanced, most intuitive change they've made to the weapon improvement system to date. If they could change grinding to be this good...
The one problem is this is meaningless for tech weapons. That should be changed, and they should be given a different treatment. I'd love to see tech weapons have something like +element% damage to all techs, and then a tiny bonus for using the right element. It'd be hilarious watching fire rods and element changers suddenly and briefly skyrocket in value.
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