Without a doubt, one of the most anticipated games in the industry at large is Elden Ring. From Software has, time and again, proven why it has such a stellar reputation among fans, and this is easily seen in the game's strong fandom. It's an odd situation from the outside looking in, as nothing but one trailer has ever been revealed, and that was back at E3 2019. Most games would die without any sort of information pipeline, though there are a couple of exceptions such as Nintendo's Metroid Prime 4.
Within the Nintendo sector of the industry, it seems safe to say that Metroid Prime 4 is up there, alongside games like Zelda: Breath of the Wild 2. Diehard fans have been waiting for it for quite some time, hoping for it Direct after Direct for several years now, but it seems it is as quiet as ever.
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Metroid Prime 4 was announced at E3 2017 but went quiet for some times. While there was a comment here and there, with former Nintendo of America president Reggie Fils-Aime stating it was well into development in 2018, there was no presentation. It wasn't until 2019 that it was revealed that the game had restarted development, with job postings for it seemingly existing well into 2020. For Metroid Prime 4, this restart can arguably been seen as a massive delay, one that followed quite a few months of silence, but this had been rumored going into it. No one knew for sure, but as the rumor mill tends to do in this situation, many knew something was up.
In a similar vein, Elden Ring has been quiet ever since E3 2019, with just a few comments here and there about seeing fans in 2021. Fans waited event after event, but nothing ever came about. The general vibe around the whole game reached the same point as Metroid Prime 4 did a few years back, with the rumor mill in a few spots suggesting the game had been delayed or even cancelled. Of course, this seems unlikely as no such thing as been announced and, by all accounts including Phil Spencer, Elden Ring is playable. This is one of many differences the two share, despite similar contexts—including the potential impact of COVID-19.
One reason for Metroid 4's development reset is the bouncing between developers, as Nintendo wasn't happy with the first project and sent it over to Retro Studios. This is likely why such a thing won't happen with Elden Ring; there's no reason to restart development or shift developers, as it is From Software's brain child. Secondly, Elden Ring is a new IP whereas Metroid Prime 4 is building upon an established one. It's the developer and the genre it created that keep fans at the edge of their seats, as opposed to Metroid putting fans back into Samus' suit again.
Nonetheless, both games are likely to release some day. The rumor mill continues to churn for Elden Ring though, with many believing it'll still release in 2021. Metroid Prime 4 has no such momentum, but perhaps that's a good thing. After all, many games could not deliver on the sheer levels of hype Elden Ring has garnered, so Nintendo can work in the back quietly on Metroid Prime 4, with everyone knowing where it stands. Elden Ring, on the other hand, no one knows. Still, the similarities are interesting, as just as it'll likely still be some time before Elden Ring rears its head, so too will Metroid Prime likely be quite some time away.
Metroid Prime 4 and Elden Ring are both in development.