Nice game, looks lovely, reminds me of the Golden Axe a lot (and that was one of my favourite games).
My 2 (or more like 3 cents):
1. Being a swordsman is rather fun - but are you planning to add other classes? Is there any variety to be had there? One of the things that made all beat'em up games (like Streets of Rage or the Golden Axe series) good was class variety - you were picking Speed vs Attack vs HP, etc. That's something I would love to see in a game like this, especially for the multiplayer part.
2. Game speed - it feels a tad slow now. Can we maybe speed it up a bit?
3. My biggest concern is lack of flavour or focus in the artistic department:
- Broforce or Metal Slug poked fun at the action moves and were over the top in every aspect;
- Splatterhouse or Hotline Miami were bloody and gory.
- Castlevania and Hyper Light Drifter were stylish.
Thy sword doesn't have something like that (as of now) - it's neither a comical party game nor a visiually strong serious experience. I think you should take it in 1 specific direction with this, otherwise it feels somewhat too plain and generic.
Great job, otherwise, I'll be looking forward to the release.