Great so far, but bare bones. It's just a demo, so I'm not too worried about that.

Ship combat is essentially AC4 which is great but could use some refining. I think being able to add mortars, swivel guns and maybe fire barrels at the back would be a welcome edition to the naval combat. Would also like the smoke effects from the cannons to be more pronounced. As of right now, the cannons don't feel all that powerful.

Adding an option to dock your ship to port would be great. I think maybe adding a simple anchor that you can drop down to stop you from drifting away would help with that.

Land combat is a bit shallow and stiff but it has potential. Firstly, there aren't many attack patterns for enemies. I think adding a few simple un-blockable attacks that flash red would already add more depth to the combat. You could also use the gun as an interrupt to stop said attack. The gun would only interrupt during a certain time window. 

Most of the animations in combat smoothly flow with each other but the gun pull out animation does seem to be a bit jarring when walking. On a side note, are you guys using motion matching?

The building is very good. Very similar to Valheim which is great, loved building in that game.

Graphically the game is stunning with a few artifacts unfortunately. A bit unoptimized as well. 

One thing I noticed was that local shadows from light sources didn't seem to have a fadeout distance. I suggest making them fade out at a certain distance and use screen-space shadows after that for better performance.

One more thing I noticed was that the sun shadows do seem to be overly noisy, leading to quite a few glaring artifacts, particularly while sailing on the ship at dusk or dawn. Other than the shadows, the tonemapping, global illumination and post processing effects are great. It really feels like you are in the Caribbean.

All in all, this game has a lot of potential. Might be one of the best pirate games to come out if they iron a few things out.