Perfect World and its subsidiary Cryptic Studios—known for Neverwinter, Star Trek Online, and City of Heroes—are developing a Magic: The Gathering MMO.
This has been known since 2017, when Cryptic announced "a new free-to-play, action MMORPG" based on Magic, without many other details. "As a Planeswalker, you explore amazing worlds, combat powerful creatures, and meet the legendary beings that shape the fate of the multiverse," the studio wrote at the time.
As of The Game Awards today, we now have a cinematic trailer (above) and a name: Magic: Legends. There isn't much more information on the official website (opens in new tab)—especially because, at the time of writing, it's down. When it comes back to life, though, you can sign up for the beta there.
We'll have more on Magic: Legends as soon as we know more.