When (if ever) will this game be released? According to Notch himself, "probably never". The possibility exists that he is simply working on the project to give himself inspiration for other ideas.
Modern demakes are typically whimsical in nature and often combine the gameplay of the original with nostalgic genres like platform games and beat 'em ups. Team Fortress 2 has certainly seen its share of demakes in the past - as well as other popular Valve titles, like Left 4 Dead - but it is only one in a long line of game demakes. What makes them so popular? It's hard to say; for older gamers, it may be the nostalgic sense they evoke, with their blocky sprites and chiptune background music - for younger gamers, perhaps the appeal of a simple, easy-to-approach style of gameplay.
For as long as he has it up, you can watch Notch working on the TF2 demake on his livestream right here!
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