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Yeah, Nintendo allows an indie dev to work with the Zelda license, but only for a spin-off game.
They would never let an indie dev to work on a Zelda adventure game, or a Mario platformer.
That’s the reason why they also accepted the collab with Ubisoft on Mario+Rabbids. They even told Ubisoft that they didn’t want Mario to be able to jump. That’s for a reason.