The project seems legitimate from its facebook activities and its visuals are high-quailty, but details regarding it are not too transparant and the project's low pledge may be a reflection of that, currently around $850 of its 10,000 dollar goal. Hardcore gaming fans may be quick to note key differences from the source material, but moreso the trailer itself is misleading with a clickbait title of "Mai Shiranui in Real Life (New KOF 2016)" together with a preview thumbnail that has nothing to do with the video. Update: Since this article's initial post, the video has been changed to an appropriate title and thumbnail.
As the fan film is collecting funds from the public, there's still the question of whether it can make a release if SNKPlaymore decides to take action.