While Terraria 1.3 is still in the works, developers Re-Logic recently revealed an entirely new Terraria game that takes place in an alternate dimension. Called Terraria: Otherworld, the game looks like what would happen if Terraria and Starbound had a baby. It's the graphics, mostly.
Here's the first teaser trailer, which showcases some pre-alpha footage:
From the game's website:
Expanding upon the immensely popular action-sandbox title Terraria, exploring what might have been, and approaching gameplay in a new direction; Terraria: Otherworld represents a novel take on the Terraria experience.
Set in an alternate dimension within the Terraria universe, Terraria: Otherworld places the player in a life-and-death struggle to restore a once-pristine world — now overrun by a malevolent force that has corrupted nature itself — to its original splendour. Along with a rag-tag band of survivors, will you be able to successfully harness the power of an array of weaponry, magic, defences, and even the world itself to thwart the designs of this unseen evil?
Combining the experience of sandbox gameplay with role-playing and strategy elements, Terraria: Otherworld explores the Terraria experience in an innovative and unique way - providing a fresh approach to the "open world" genre.
The game is being developed for PC and Mac, and there's a potential for a PS4 and Xbox One release further down the line — they're not sure yet. You can follow the game's development here.