The game was developed using the MUGEN engine and it's being constantly updated.
Instead, the game's creators have recreated the graphics from zero in order to make them look like the acclaimed graphics of games like Capcom from the 90s. Unlike other fan-designed free games, this game doesn't borrow its graphics from commercial video games. However, Hyper Dragon Ball Z is designed for those who are nostalgic for that time.
The golden age of the Dragon Ball fighting games was during the time of the 16 bit consoles, and they haven't had the same success now that they've moved to 3D on the more modern consoles.