WATCH THE VIDEO: PS4 RPG Deep Down showcases new Capcom engine

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Capcom unveiled yet another new IP last night in the form of RPG Deep Down for PlayStation 4.

Deep Down – although this is only a working title at the moment – is a fantasy action game that pits players against fire-breathing dragons and other monsters. It is being developed by Street Fighter creator Yoshinori Ono.

The title uses a brand new game engine, codenamed Panta Rhei. It was shown off during last year's PlayStation 4 reveal and you can see the first footage below.

It is the third notable new IP from Capcom to emerge in the last year, following the success of last year's Dragon Dogma and this year's hotly-anticipated Remember Me.

You can check out the first footage below.