While the lore in itself is a good write (although a bit lengthy for its actual explanation,) it seems to really only add onto blood magic's already expansive skill-set and abilities. Although it's slightly different from Arcane Displacement, I feel as though this would do better as an attachment to their magic as it is their particular specialty and purpose, as opposed to a summoning/empowerment/creation magic that's pretty plump in content already.
I don't see many instances in which this would legitimately provide much RP for anyone aside from the Blood Mages and their associates, as it only gives those that enter the experience of it as opposed to a summoning ritual that would actually interact with people. From my POV it's a means to gain more for the magic, albeit not maliciously, and provide more for the group itself rather than the playerbase itself.
My main thought is that it doesn't really provide much RP to anyone other than the Blood Mages and only allows for more capabilities as opposed to other places of magic that don't want to take as much time writing up lore such as this or find it unnecessary as they're not as much of a niche group. There's a lot to be done with the way Blood Magic currently is and I don't think it needs anything else to tack on because of an idea that was had about it. I fail to see how it enables players to become their own antagonists as well.
There's a lot to say about it, but all in all it just doesn't seem like it's going to genuinely give anything to anyone except for those who know it, which might not even be all the blood mages in the already tight knit conglomerate it has going for it. It reads like there's a lot of fluff to the writing to make it larger to the eye and simpler explanations would've been better for something that altogether is looking into other planes of existence and going into them.
Like I said, it's nicely written. I don't mean for this to be an insult but I wanted to throw the two cents in there along with some criticism.