Sega has announced a new standalone game called Phantasy Star Online 2: New Genesis. Set 1000 years after the events of Phantasy Star Online 2, New Genesis will feature an open-world design and overhauled graphics engine. Players will be able to import their characters and use them in both New Genesis and Phantasy Star Online 2. Sega noted that items will be transferable as well, but item parameters will be different.

For additional details, check out the English Trailer:

Phantasy Star Online 2: New Genesis is set to be released worldwide. In North America, the game will be released on Microsoft XBOX 1 and PC. For Japan, the game will be released on PC, Sony Playstation 4, and the Nintendo Switch Cloud service.

Credit goes to Maulcun for bringing us this news. You can discuss this update in this forum thread.