Source: Golden Axe (by Wolfenoctis ( Ben Adendorff ) - ArtStation)
Inspired by the great works of Boris Valejo, and a great old game by the name of Golden Axe (24 Colors total)
ArtStation profile: https://www.artstation.com/wolfenoctis
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Kinda looks like the abdomen animation creating the illusion of breathing is hand drawn, while the arms + weapon is indeed just fading between two frames