Some info i've gathered about Blue Protocol

Blue Protocol is being developed in Unreal Engine 4. The developer Team also worked on titles like the Tales Series, Tekken and Ace combat. The Closed Beta for Japan starts this late March and there is no info for an English Beta yet. The latest Job Listing + the Trademark Registration for EU and NA hints a global release though.

While the developers themselves call it an "Online Action RPG" it's definitely a MMORPG. You see other players, there are fate-like events like in FFXIV or GW2, World Bosses, Dungeons, Parties and so on.

Story

Not much is known yet. You play a character with amnesia and meet 2 girls that traveled through time, probably to prevent something that destroys the world in the future. Time-traveling will also be a thing apparently.

The world is on the brink of devastation, now is the time to unite. March on with friends and strangers, and defeat foes beyond your might. Travel through space and time, to change the future beyond this fight!

If you want some more story:

English Subbed Trailer

Also, they hired famous Japanese Voice Actors like Ai Kayano and the game has a full voice over.

Gameplay

In the Alpha there were 4 available classes Aegis Fighter, Blast Archer, Spellcaster and Twin Striker. The game uses an Action Combat System where every Class has 5 Spells + Attacks on Left and Right Mouse Button. These skills can be adjusted based on your game style and liking. You can also switch between Classes any time so there is no need to level alts.

Here are also the only English Videos with commentary i've found so far.

Character Customization and Town Exploration:




Asteria Plain Exploration and Combat:

Monetizing

Developers said they want to try a Free2Play Model with Battle Passes and no P2W. Since it is Bandai and not some shady Korean MMO Developer it is believable that they will try to make money with cosmetical stuff only.