"88,000 thousand years ago the universe split into two halves, Kerishala the bright aspect and Valkalka the dark aspect. They worked together to make the world but quarreled thereby engendering a whole bunch of history. History.. history.. history... Magic is the lifesblood of Kerishala and Valkalka flowing through the matter of the world. Yadda Yadda Yaddaa... Prophecy this, Prophecy That."Of course the protagonist(s) are tied up with all this business, as well as the plot of the next three or thirteen books. And there's detailed large-scale and small-scale maps, sometimes of the entirety of known civilization!
Although this can be done well, I consider The Silmarillion to be a sublime example of such efforts; usually I hate that shit. Many contemporary fantasy rpg settings lay out the history of the world, who/what the gods are, how magic works, and so forth-- often in excruciating detail. I do consider Gary Gygax's Aerth setting to be an exception, as it is a good fantasy setting that deals with a "known world," but it is also more of a late renaissance/age-of-sail setting, so it works in that context. Plus the Epic of Aerth book could have been significantly shorter.
Fantasy at its most primal deals in the Unknown. The world is a collision between the logical and the illogical. Incomprehensible forces are at play. In old school pulp fantasy, the default setting was a world in which only fragments of history were known, where magic and the gods were mysteries; where the world was largely unmapped and unknown.
It's hard to reconcile that weird, unknown fantasy vibe when the universe has a known history and a heavy internal logic.
With Planet Algol I don't know what the gods are. I don't know how magic works. I don't know the history of the planet aside from broad strokes. I don't have a map of the planet. I don't even know what year it is on Earth. Although one could learn details about specific elements and their history, the whole and history of Planet Algol is unknowable, as well as illogical and irrational.
Now for some Nifelheim: