Fallout 76 will first launch as the BETA, which Bethesda plans to be the full game with progress saved to continue under the official launch. In other words, the beta is going to be Fallout 76 - you're just going to be able to start early, and hopefully help the developer fix any problems that (will most likely) arise. Specifically, the publisher/developer added an answer explaining that the beta will feature the full game. If you want to play Fallout 76 on PC, you'll need the Bethesda.net installer. The company hasn't said whether the game will be launched on Steam at a later post-launch date. This wouldn't be the first time Bethesda has decided against a Steam release for its games.
In releasing Fallout 76 through its own launcher, Bethesda avoids paying Steam operator Valve its cut of sales.
Bethesda has confirmed that decision to PC Gamer, saying that Fallout 76 will only be available to purchase through its website. Stay tuned for exact timing for each platform here and Fallout on Facebook, Twitter, and Instagram.
It is, perhaps, worth noting that Bethesda's confirmation should not be taken to mean that the company does not plan to roll out Fallout 76 to Steam at all in the future, though Steam users may have to wait quite long before that happens.
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