One of the most bizarre Nintendo related topics often discussed online is the fabled new IP by Monolith Soft that some people seem to think is some sort of unsubstantiated rumor based on fanfiction derived from fancy artwork. This is kind of baffling to me because even if it hasn't been officially announced this game being real seems far more likely than the countless rumored titles "insiders" supposedly heard about from their sources, and we know this thanks to publically available concrete information. Let's look at it.
In July 2017 a few months after revealing Xenoblade 2 Monolith post a recruitment ad on their website. It's specifically asking for a few things: people who are familiar with action games, medieval fantasy settings, online games, and popular trends outside Japan.
A month later an entire page is created with more job offers featuring the infamous concept art pieces accompanied with this very specific sentence:
"An ambitious new project aimed at a global audience and different from Monolith Soft's brand image".
These words would stay on the page until a year later where they'd be replaced by another line saying that they were looking for people with experience in action games.
The interesting thing is this page is still up on their website alongside another rectruitment ad for Zelda, since Monolith have been co-developing mainline Zelda games alongside Aonuma's team since Skyward Sword in 2007 or so:
These recruitment drives mean that the studio went from 150 employees in 2017 to 272 today:
Finally, there's been recent findings showing that whatever this game is they're still working on it and it therefore hasn't been cancelled:
So there you have it. Monolith Soft have been working since at least mid 2017 on a new action game IP in a medieval fantasy setting and it's apparently not a small side project but something they want to turn into a worldwide success. Personally I'm more hyped about this project than for the majority of games that have already been announced because the idea of Monolith using their top tier environmental design to craft a fantasy world with less menuing and automation than in Xenoblade games sounds like a dream to me. Imagine vistas like these but you're riding a dragon instead of a mech:
Heck, they can put mechs in it anyway and call them golems or whatever, Vision of Escaflowne style. Anyway I hope this thread convinced some doubters that the project is real and hopefully it's revealed soon, ideally for the Switch 2.