No, this is not the recently announced Netflix live action Zelda, it's a teaser for a short fan-film called The Final Battle, a collaboration between the Zelda Project and Player Piano.
According to The Wall Street Journal, the television series is still in its early stages of development, but the show is to be a live action series in the style of "Game of Thrones for a family audience." Before you get too excited, know this:
As it is still seeking a writer to work on the series, Netflix has a long road to travel before a “Legend of Zelda” series actually becomes a reality. It’s also possible that Netflix or Nintendo will kill the project before it gets off the ground.
Would you be interested in watching a Legend of Zelda series?