While anyone in North America can get crafting right now, our EU brethren will have to wait a bit longer to start crafting and collecting loot. 

Right, I get the basics, but how does this new system work exactly?

 A Hextech Crafting chest is rewarded through the champion mastery system when anyone in your premade group, or yourself, receives an S- ranking or higher. Players can receive up to four chests a month and one chest per champion a season.

Keys are dropped by winning a game and the drop rate for keys increase with the more members you have in a premade group. Additionally, keys and chests can be purchased through the new Hextech Crafting store.

Once you have a chest and a key, you can open the chest to receive a random cosmetic or champion shard. Cosmetic and champion essence is also randomly dropped from chests. Afterwards, you can combine essence with a shard to permanently unlock the skin or champion shard you received. The client also has a seven-day rental option to rent shards and a disenchant option to scrap a shard for more essence. If you are feeling lucky, you can also reroll to permanently unlock a random shard specific to the type that was re-rolled.

Still unsure what this all means? Check out the YouTube video below for an in-depth look at the new Hextech Crafting system works.