Way back in mid-2014, when The Legend of Zelda: Majora's Mask 3D was just wishful thinking, a fan project caught the web's attention; this was in the form of a new trailer after an initial tease in 2012. It managed to avoid Nintendo's Takedown Team (we imagine those staff have special t-shirts and everything), as it was little more than a nice 3D rendering inspired by the game; the 2014 video did show a brief scene displaying on a 3DS, too.
Its form was a bit mysterious, though its creator (Pablo Belmonte) did post a message at the time to describe it as an "interactive project" as opposed to a game or remake, also outlining plans to essentially give the finished result to Nintendo for it to be owner of the project's commercial prospects. As far as takedown dodges go, it was a smart message.
After over two years with no fresh video updates, it's returned; it's now pitched as a VR experience, with the video showing a range of environments.
It's not likely to emerge any time soon, it seems, with the video's description highlighting the challenges of finishing fan projects:
If someday we finally launched [sic] our Majora's project in VR (it's so hard to work in projects without any budget). I hope that everybody remember that we are not just a copy, we started the project before another [sic] fan fictions.
The idea of VR interactive 'experiences' with Nintendo content is interesting, though. Should Nintendo ever get involved with the technology, through its own systems or perhaps through smart device apps that support mobile VR options, virtual tours of classic scenarios and scenes could be one way to go.