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The Laws of Edda Revised
Edda has a LOT of magic. In terms of natural laws, they are pretty similar to the real world, and there's sort of a unviersal balancing force to make sure Magic, while broken, doesn't like shatter reality too much. In terms of Edda itself, there are also very few like magical phenomenon. There are strange weather patterns, storms, lingering atmospheric effects like that, but no giant floating mountains or sudden wormholes.
Cosmology
Essentially, the universe came to be via a big bang, but with magic. In-Universe it's theorized that reality is a self-fulfilling paradox, with magic at the "end" of the universe compressing to the point that it returns to it's origin point and births reality all over again.
After mana spawned and big banged, the specific mana particles collided and ignited in a way that created all forms of matter, which after millions of years collided in a way similar to how our real universe came to be, resulting in planets, stars, moons, and eventually life.
Initial Active Setting
In the story I plan to write first for Edda, it's going to start with a very small scope of the protagonists in a single, relatively small town. Circumstances as well as their personal progression will lead to them exploring the outside nation more, which will lead to grander adventures and progression, which will lead them to full-on globetrotting. Right now I haven't planned on how much I will go back to that smaller focus, but since they will be members of a guild with a home base, they will at least be literally returning to that small town regularly.
For my campaign players, well that comes down to the campaign. The one i'm actively running is very focused in one city, but it's a metropolis, so I'll probably be able to fill the entire campaign with just that city and maybe a bit of the surrounding area.