would light realm be it's own empire?

so I like to think of guild territories as like countries and stuff. So in my point of view, the wynncraft map currently is divided into several different empires of big guilds whcih due to guild politics usually vibe in those areas
so like now light realm is smaller than nearly every other guild's territories(except for when some randoms randomly take a territory) but does it qualify? if guilds were governments would the people controlling light realm be a small country or a empire because its a entire realm?