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Quick entry since I don't have much time for these anymore,

Alchemy was announced Aug 18, 2011
http://www.gaiaonline.com/forum/community-announcements/item-alchemy-has-arrived/t.74115163/
The announcement let us have a free starter kit. I've read a bit about it in the forums, but haven't attempted any of it myself. Aside from the starter kit, all other recipes seem to be a waste of gold at this time. It costs more to make an existing item than it does to buy one from the mp because the item ingredients cost so much. Plus, the ingredient items all inflated in price because so many people went all grabby hands for them. The devs assure us that the items used for ingredients won't go extinct... but.. it's hard to imagine.
New 'items' appeared for use in these recipes. So far, people report finding them in things like pink giftboxes, and the clickable gaia ads that reward users with 1k+ gold or an item... and pink links. Pink links were recently reintroduced and are apparently in item form. . -. I saw pink links in the mp. That was a weird find.
The announcement shows that back wings appeared. I remember that the rumors were that we'd get backwings with the introduction of a battle system. zOMG appeared, ... which was how the famed 'battle system' that users talked about since 2004 took place. Then they said we'd get backwings with phase two of the battle system. So... I guess we're in phase two of the BS? That could make sense since a new area will be opening soon in zOMG.
Since it's a new release, the devs are still tinkering. I've read that they increased the sight of the gaia ads so that there's more chances to obtain ingredient items. And there are some items where people still don't know how to get them... so there are definitely more updates to come. From what I've read, many GCDers are currently waiting out the hype and hoping that some prices will drop in the future.

Eh, just a random inclusion... I really like this Free Item Archive thread. It helps me keep up with the random item grants when I don't have time to check the GCD every day just in case it's exploding over a new hidden item. (GCD is currently exploding over alchemy. There is an alchemy forum. I checked it out first yetserday. Then when I clicked on the GCD forum, I thought I was in the wrong place... like all the threads on the front page but five had the word "alchemy" on them.
http://www.gaiaonline.com/forum/gaia-guides-and-resources/free-item-archive-updated-june-20-2011/t.60360869/?_gaia_t_=3934

I guess my inactivity during the end of '10 and beginning of '11 worked out. My mule accounts all received the diedrich email that requested you to be his friend and he'd give you a lunchbox.
http://www.gaiaonline.com/forum/chatterbox/if-you-ever-wanted-a-free-exclusive-item/t.70230989/
...but I missed the time where he gave users wearing panties and stockings free risky angels items. . -. That sucks. I knew the item was super rare, but assumed it was a chance item thing.

... On that note, I used to have NPC Ian and NPC Gambino and... I think a couple other NPcs on my friend list and they're no longer there. O: I never noticed that before. I got them from clicking the friendship links that gave out the barton friendship leaf and that gold pen item and such... aww i liked having random NPCs as friends. ; ~; Made me feel like part of the Gaia world. T'was funny.

Oh, another random free item can be obtained from the profile of Shavostar. The item is summer of the sharks.. or something like that. The shark is adorable. o:

A random comment on Gaia labs... these two features have been out for a long time, but I love 'em. :3
Booty Grab Glow Indicator: I turned off the option to view people's fish tanks long ago. It lags my comp. So whenever I BG, I have to reply on people adding 'direct links' to their tank in their posts when I click on threads that say "i'm glowing." well this handy feature ads a link to people's posts straight to their tank. So I can play BG on tanks even when people don't include the direct link. n .n And it's nice to know how many players are in it... because if it says 34, the tank is full. And I don't waste time loading a game that's already full.
Inventory Search: Search for items straight from your inventory. I never used it much before since I know where all my items are in my inventory. However, I do often run off to the mp while I'm dressing up to preview items. ..Or have to run to my dress up screen to change my equipped items while previewing items in the mp. This feature lets me preview items straight from my dress up screen and I can equip items on and off at will. Very useful. Speeds things up when it's all located in one place. :3

GC Tree
It used to appear randomly, but has been a 'permanent' fixture in the header for about two months now. This means a guaranteed 10gc each day. It'll be there for as long as this partnership lasts. I really love it though. I missed out on about three weeks of it since I didn't have internet access for the past 3 weeks but.. I've earned a lot of free GC from this tree. It's starting to add up. 10gc in 30 days is 300gc per month. That gets you a 299 ei. Better yet, that gets you a 149c CI. That can sell for like 90-100k or so... or you can open it for a chance at some expensive item~
It also allows you to get one MC per month if you're still into MCs.
Well, you can't have all of those things at one time.. but.. it sure helps. :3 I'm currently saving up to the 499 mark in order to afford an REI or EI.
Well, really, I'm saving up to just buy whatever item is worth most at the moment, selling that, and then buying the item I want from the mp. It'd be crazy to sped 249c on some item that's going for 30k in the mp~ You know, that sort of thing.
In my absence over that '10 - '11 period, a lot of EIs were rereleased. ...And they're very cheap after the re-release. This has taught me patience. I will not buy REIs until a rerelease when the 3rd gen comes out. 500k items drop to like 100k in price. D: ...You know, from out of my price range to almost affordable. xD
So there are a few EIs that I do want at the moment... but I'll be waiting about half a year to a year when they're re-released and cost like half the price. <.<;;;