I was going through this annoying problem and I saw that there was no guide here then it turns out our dear Tales of pirates is a very old game that uses a directx that is disabled in windows 10!
you need to install all directx dlls and enable directplay
The dlls download link below and the activator
https://drive.google.com/drive/folders/1RVTXOU6Emf-PHravOHMUaUzLTRsZx9HM?usp=sharing