It really depends on what your goals for the game are.
Are you styling it after other games? World of Warcraft uses Blood Elves and Night Elves. A search for elf and Dungeons and Dragons turns up a much longer list of subraces than I expected: Elf (Dungeons & Dragons) - Wikipedia, List of Dragonlance creatures - Wikipedia.
Since elves don't exist, you have a fairly free hand and can create whatever elves you like. People are going to bring some preconceptions to the game when they hear the word elf, so that's your only real limit or consideration.
Don’t forget the kitchen sink elves!
But seriously though, it’s completely up to you if you use elf races, or even elves at all. Just don’t forget to add some original flair to them!
How about instead of making their racial traits what makes them unique, have their culture make them unique? Perhaps have normal elves, but they are industrious? Or perhaps they sail the seas in search of resources to bring back to their homeland?Ye, but I don't want to have the common known elves, so what I can try and do is make some concept art or something.