Not bad. I like arpeggios with 8-bit. It's rather short. For a loop as well. It gets repetitive soon. I would add a part after this of at least halve a minute that is a bit different from the rest with a different chord scheme and melody. I don't like it too well that at 00:47 an arpeggio plays over the melody. At first I thought it was nice because the melody became more complex, but then I realized it was just a broken up chord, and it actually muddies the melody. So I would change it so the arpeggio plays something that actually supports the melody, like a second voice (2 or 3 halve notes lower that the original) or some counter melodies, like fast notes where the main melody holds a note, or a combination of the two. The song fits a retro style game dungeon. I'd like to see it get used.