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Except if you count "looking fancy" as winning.
- Living World sesons, baiscally content DLCs
- "QoL" including bank and inventory space, character slots and some "endless" tools that save you from restocking at npc vendors. Also level boosts, but you get to max level so fast you probably don't need it.
- Cosmetics for your character, your mounts and skiff.
- Keys for special lootboxes. These keys can be farmed ingame and the lootboxes only contain other items on this list + "minis" (aka pets)
- Some services regarding your character cusomization, offering exclusive options.
You can also convert gems, the premium currency to gold and vice versa. So apart from the expansion, you can technically buy everything without spending money. The RL money -> gold conversion does not enable you to be stronger than everyone else, as there is horizontal progression and best in slot items from 2012 / 2013 are still valid.
$10 per character slot
$5 per bag slot added to a character (upgrade permanently tied to that character, bag slots provide inventory space depending on how big the bag you slot is, with 15 slot bags being reasonably inexpensive)
$7.50 per 30 spaces of communal inventory stash
$8.75 per SINGLE space of special shared inventory, visible across all character inventories
$15-$25 typical mount skin
$30 for a set of unlimited use gathering tools, so you don't have to keep buying consumable tools
$25 boost one character to the level cap, plus get a full set of exotic-tier generalist gear
$1.50 key to open one loot box ($1ea when buying 25)
Converting cash to in-game currency lets you buy various gear and earned resources from other players via the trading post, including he top-tier prestige gear, legendaries. Legendaries don't have better stats than ascended gear, but they do offer a lot of convenience (eg, you can equip a single legendary weapon on all your characters at the same time, with different stats and skins on each, with free stat swapping and skin changing whenever you want). Ascended gear is only a little better than exotic gear. For a basic power build (all DPS and just hit damage, without damage over time effects), a set of exotic gear can be bought from the trading post quite cheaply, and that's probably the best way to get it. Other useful builds will probably be more expensive. Exotic gear is "bound" to the first character you equip it on, so you need a new set for every character.
You can convert in-game currency to premium currency too, but that pretty much takes vast amounts of hours to invest in currency grinding, and you'll have a lot of things to spend that in-game currency on already, since the game nickels and dimes you all over the place (just using a waypoint to travel costs currency, and even the story deliberately and pointlessly sends you back and forth over large areas).
• there are 0 things you can buy for straight power advantages
• if you want full convenience you will spend multiple hundred dollars for both account upgrades (bank slots, shared storage) and character upgrades (bag space, build and equipment presets), similarly to PoE if you've ever played that
• endgame is fashion and most good skins come from the cash shop ( there is 1 (one) mount skin available ingame, the rest is all cash shop)
• you can legally RMT directly from the shop, and since every goal in the game is tied to gold you can buy almost anything for real money
so for me it's actually p2w, after 4k hours to reach any of my goals it's faster and more efficient if I work IRL and buy ingame currency, rather than farming
People can buy gems and then excange them for gold and then buy legendary weapons from the Trading Post. Legendary weapons are the top tier weapons you can have in the game and it takes ages to craft them, but once crafted, you can either use them or sell them on Trading Post 2, 3 or 5k gold.
You have PVP. In PVP it does NOT matter what you have in PvE, you can have full legendary armor and weapons, but in PvP everyone is equal, builds are seperated from PvE, so it is all based on skill and team work.
In WvW it doesn't matter again, because its huge amounts of people who are fighting huge amounts of people.
As for PvE and world of Tyria, nobody can attack you in open world nor you can attack anybody, so even if someone cashed out 1000 euros to buy that one legendary weapon, it doesn't affect you at all.
So no, the game is not Pay to Win.
If you play the trading post right you can get very rich and get cash shop upgrades without spending a penny.