At this year’s Fanfest event, CCP Games revealed its new first-person shooter that is set in EVE: Online’s universe, Project NOVA. This game is being developed by the Shanghai studio CCP Rouge, will be powered by Unreal Engine 4, and will be free-to-play.
Project NOVA is in many ways an evolution of Project Legion, the concept CCP announced at EVE Fanfest 2014, but without the limitations of technical debt and development paths.
Project NOVA is the successor to DUST 514, and will be focusing more on combat in space (stations and ships) than on the planets like Dust 514.
Project NOVA is playable at Fanfest 2016, and below you can find an off-cam gameplay video.

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Sweet!
I have to admit, I was expecting something way more grandiose and ambitious.
This version “3.0” of the original DUST 514 Project is a relatively recent one, it’s not surprising there’s not much to show just yet, it’s still years away from release.
IIRC the announcement of their transition to Unreal 4 only happened a handful of months ago.
They actually did a good job with DUST 514’s F2P thing, tbh. I wouldn’t be surprised to see them take a similar approach once again.
Really, they’re probably only even going with F2P again because it’s a Sandbox MMO-FPS Hybrid; While they could most likely easily get away with a GW2-style “pay-to-play + cosmetic microtransactions” model, they probably decided it was best to continue with DUST 514’s “tried & proven” method instead.
To be honest it doesn’t look as good as Project Legion. We will just have to wait and see I guess.