Decoding the Conclusion of Final Fantasy 16

TL;DR
The final hours of Final Fantasy 16 reveal Ultima's plan to destroy humanity and Valisthea in order to create a new world, with Clive as the Mythos. Clive defeats Ultima and sacrifices himself to eradicate magic and destroy the final Mothercrystal, freeing the world. The post-credits scene shows a young boy resembling Clive playing with his brother and dog, while Final Fantasy is thought of as a myth hundreds of years later.
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