They had me at the weird water eye things.
Towers is a “game prototype” currently under development by a small developer known as Dreamlit Entertainment.
They provided more information in the trailer’s comments:
80% of the videos recorded are network replicated gameplay footages from a modified UE4 replay system. If you’re a game dev, you can appreciate the difficulty to make creature climbing multiplayer working. And we mostly have it! only a few visual kinks left to polish.
Dreamlit also mentioned some of their inspirations, some more obvious than others, including Shadow of the Colossus, Mononoke, Harvest Moon, and The Legend of Zelda: Breath of the Wild. Toss some Nier in there, and we’re all set.
More information, including concept art of some of the game’s weird creatures, can be found at Dreamlit Entertainment’s Facebook page.