Red 5 Studios pulls the wraps off Firefall

Red 5 is no longer standing by, and in fact has launched its first salvo of proton torpedoes at a crowded MMO market by announcing the long-awaited Firefall title at last week's PAX Prime. The game, a massively multiplayer team-based shooter, will feature microtransactions and sport a free-to-play business model.

Red 5 made headlines earlier this year by laying off 30 developers, but looks to be back on its feet after a $20 million cash infusion from The9, a Chinese MMO publisher best known for Atlantica and Soul of the Ultimate Nation.

Firefall's developer roster features a number of Blizzard alums, as well as lead designer Scott Youngblood of Tribes and Tribes 2 fame. Check out the official website as well as a lengthy trailer after the cut.