Time period is set in the medieval times while in the game.
Real life bits take place in an unknown to anyone's actual time but they call it AEMPV (After EMP virus hit) or AV for short.
People struggle to make a living most places but there is one place people are somewhat better off. They call this place Hope's Paradise. This is the goal of all people to get into this exclusive elite city/island. You would think only the rich and famous could live there but actually that is not true. Most wealthy families are stuck outside this paradise. There is only one way to get in and that is through to only VRMMO game that exists, in fact its the only electronic game that exists period. Inside that game you could do just about anything... as long as its in your settings and you are graced with the ability or can learn to do it. You get one character creation and can design how your avatar looks although there are rules: Men and women must be their respected genders, ages are your real age, and your character name is permanent and bound to everything that you do BOTH in game and out. You can pick between races which each come with their own set of rules/abilities.
But the biggest thing of all is that all choices are final and forever.
Now to real life... you will find out as the book is developed.