Prior to being shut down by the Reapers at Electronic Arts, BioWare was working on the next entry in its Mass Effect franchise. The new Mass Effect was being led by veterans of the original Mass Effect trilogy, including executive producer Michael Gamble, art director Derek Watts, and more.
This much was already known.
Following yesterday's news of BioWare's closure, it came to light that the studio had a new trailer for their next Mass Effect title that was almost ready to be released to the public. A throwaway Reddit account, presumably from a BioWare employee, shared that trailer publicly.
It seems like the new game was going to be titled Mass Effect Universe, with a vibe that more closely resembled a sci-fi spy thriller. We also see that instead of being called Mass Effect 4 or Mass Effect 5, it was to be called Mass Effect Universe, perhaps stylized as Mass Effect: Universe.
