When Velious was announced, lots of folks asked for Faction to matter. Wish granted!
Faction must be acquired with the Othmir, Snowfang Gnolls, Thurgadin, and Ry'Gorr to buy their adornments (unique to each faction) and gear, and it can be rather slow-going!
The Othmir, Snowfang Gnolls, and Ry'Gorr all have daily (18 hour repeatable) quests to kill overland mobs and gain faction. Crabs for the Othmir quests occasionally drop an item which provides an additional faction boost. Alas, Thurgadin faction must be gained by running dungeons.
A variety of rewards become available once faction milestones of 10,000, 20,000, and 40,000 are reached. After completing all of the solo quests in Velious, most folks will end up with at or above 7,000 faction with each so the first items should be available in just a few days, with the better rewards taking a couple of weeks to earn.
Public Quests drop Cloudy Velium Jewels which can be sold to any of the 4 factions for +500 faction. Also, mobs inside the contested Kael Drakkel can be killed for a small amount of faction gain as well. If you've only done the Othmir quests at the arrival point in Velious (Great Divide), you've only gotten half the story (and are missing a good chunk of faction). Head to the Eastern Wastes once you're done.
Thurgadin also has their own crafting faction, the Forgemasters of Thurgadin and you'll want to befriend them if you are interested in acquiring the Coldain Prayer Shawl. And there are plenty of opportunities to work on Far Seas Supply Division faction, as well as Order of Rime faction if you are one of those people.
UPDATE: This article has received a substantial rewrite since its original publication and is now part of a series of articles about Faction in Velious.
After the jump, we talk more about what else you can get for your hard-earned faction in Velious...