When you say Hardcore, I immediately thought of Diablo 2 LoD Hardcore Ladders. That shit was legit.
1) There needs to be a ladder system that tracks PvE and PvP. In D2 they did it by monitoring your total XP gained.
2) Needs to be seasonal and each season brings exclusive items for that season that become available once the season is completed. (NOT console exclusivity, but seasonal exclusivity)
3) If you manage to live through the entire HC Season, all items transfer to your normal stash.
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Idk. Maybe, definitely an idea.