With the 1.2.1 update, New World developers have reset the faction change cooldown for players. This was initially announced last week and went live on the 21st.
The full list of patch notes is available here.
The 1.2.1 patch for New World is “focused on resolving some of the issues that have arisen from [the] December update. Said update includes a new resource, increased rewards for expeditions, a higher level for end game Corrupted Breaches, various difficulty tuning, and more. The notes for New World’s December update are available here.
Currently, a Wheel of Time crossover event is taking place in the game as well.
Since its launch in September, New World enjoyed an initial wave of success. That wave was brought down by a host of various issues, however. A lack of end game was also a cause for player attrition.
The game recently saw the rollout of server merging as well in efforts to combat low population.