While Picotto Knight from Ragnarok Odyssey developer Game Arts has a different art style, the gameplay sounds pretty similar. Picotto Knight is described as a hack and slash "belt scrolling action RPG." The game supports online play and even if you’re offline another character will join you.
The knights are called Cocoliods and there are over 1,000 types players can make with different color variations. You can further customize characters with different accessories and decorations. Game Arts is collaborating with other companies to make Picotto Knight style characters.
Picotto Knight supports 1-4 players and will be free to play with additional items available for purchase.