Rare proved to be an important part of Microsoft's Xbox arsenal. The legendary developer saw the creation of Grabbed by the Ghoulies for the original Xbox and both Kameo: Elements of Power and Perfect Dark Zero, two launch titles for the Xbox 360.

It also oversaw the creation of Xbox's avatars. While none of those games (or avatars) resulted in the near-universal critical acclaim Rare games of the past had earned, they still served as an important part of Microsoft's strategy.

It's for that reason that it's fascinating to think about what would have happened had Microsoft not purchased Rare back in 2002, as was almost the case. Speaking with IGN, Xbox co-creator Ed Fries revealed that Activision, not Microsoft, nearly acquired Rare when it was up for grabs.

"So we put in a bid and then Activision outbid us, and it looked like we were going to lose the deal," Fries says.

It was only a last-minute bid from Xbox head Robbie Bach that Microsoft was able to acquire the studio.

"And then at the very last minute Robbie increased our bid and we won the deal," Fries says. "And that was it. Who knows what could have happened with Rare."

Under Activision, Rare's future could have been much different. What kind of projects would the developer have tackled, and what new possibilities would being owned by Activision open up for the studio? For starters, a brand new Goldeneye game seems like a no-brainer. Activision held the rights to 007 games at the time and would eventually make a number of 007 games, including a remake and sort-of sequel to Rare's classic N64 Goldeneye. It would have made perfect sense for Rare to be the studio behind a new Goldeneye, had Activision won the bid.

While Rare's Xbox 360 legacy isn't all that impressive, the studio has made a solid impression on the Xbox One. Rare Replay, a collection of 30 classic Rare games, won fans over with its sheer value and slick presentation. The studio is also now working on a brand new game exclusively for Xbox One and Windows 10 PC: Sea of Thieves. The game promises to be an open-world multiplayer pirate game where players can fight among themselves or team up to discover treasure — and get really, really drunk.

Sea of Thieves continues to impress as Microsoft is slowly pulling back the curtain on the title, and it's all because of Microsoft's last-minute bid to buy the developer back in 2002.