Hello again, I was thinking about for a while on how we should show players their position in the in game world. My first thought was a HUD map, but I realized that would break immersion for some people so I threw that one out the window. The next idea I had was a map item that would allow you to see an overview of the zone you’re in at the moment and any towns or areas. I thought that would make it time consuming to have to reach into your bag every time to grab the map. My final idea that I finally stuck with was the idea of a button on the menu that would raise you up to an overview of the zone. I know this might cause performance issues, make people nauseous and such, but this was the best way I thought to make it more immersive to see where your going. I also thought there should be fog covering the areas you haven’t explored yet, so the more you discover, the more of the map you can see at a time. Finally, I thought that you should have the ability to place a marker, and have it light up in the sky to show you where to go. Now this has some major flaws, but it’s a rough idea for now. Until next time! 
Perhaps a Cartographer discipline? You need a special parchment and tools. To create maps you have to explore the area (Divided into sections on the map) and each section will have a mini-game or puzzle to solve. After solving all of the puzzles on every section the map will be complete and display your location on the map. Maps become worn over time and require you to make new ones or buy new ones. Higher Cartographer stat means you can make maps in more dangerous areas.
@Soul_1 I like your idea of the map item but I don’t agree with the marker. Maps should be small not massive world maps. For each area you can take out your map and see your location. From there you just have to find the location you want and slowly head over.
I actually like the idea of reaching into my (back) pack and pulling out a map. Perhaps a hand gesture causes a piece of parchment to unroll and further hand gestures allow me to “slide around” the map or “zoom” etc. Players location could be limited by only show players you are grouped with. Regardless, holding the map and looking at it feels pretty immersive to me. Imagine if you were being chased and had to look at your map to figure out where to go fast? That might be heart-pounding but feel pretty realistic (having to make the choice of when to pull out the map or keep running).
As far as beacons go… I think they could be useful in groups (only visible to players you are grouped with). I wouldn’t want to play in a world where everyone could open beacons though. I imagine that world would look like Hollywood on a movie premier night 
I’m with @Matthew_F on this one, with reaching in your pack for a map. I know its an MMO but we’re looking at a game that drops players into an immersive world.
Equally a hybrid of the two wouldn’t necessarily be a bad idea a simply button in the main menu that brings up a world map, so players can always orientate what region/area they are in when conversing with others, but when you enter a new area, a ‘local map’ of sorts.
Perhaps one you have to uncover minecraft style, to promote exploring, or a map that comes with the roads drawn on but blank space around the wilds where adventuring and the unknown awaits. Always have an arrow with what direction you are facing, or maybe even a compas symbol in the top corner.
There will always need to be a blend between keeping the progression explorative and not letting players get lost. I definitely feel a map you have to take out, because you’ll only want it if you don’t know where you’re going, helps keep that immersion. Hell you may walk past and see a player holding a map looking in two directions, what better wait to promote conversation “hey man, where was you heading?.. Oh so am I, lets travel together”
…Or in the deep dark woods… “That guy doesn’t know where he is… yeah and he’s carrying drop-able loot… and he didn’t party up… It’s time to be eeeeviiill” 
And I would be like “that guy looks lost in these dark woods. Looks like it’s time to sharpen my sword and protect him from other evil people… Hey dude need a guide?” 
I really love the idea of looking your watch (recroom uses this system), but in a game with so much action, I do not know. It could be a projection on the floor, as if you unfold the map on the floor (uneven floor could be messing). Of course the sun could be used to find the north, but a moon or a star could be used to orientate the adventurers (“Oriaun moon is allways pointing north”).