Very cool! I love the visual direction of the whole thing, every camera angle seemed super appropriate and the art design on everything really fit the overall theme of imagination.
The story was simple, but it worked, and I really love the choice of music at the end.
Despite the choice of music, I think some of the sound effects were a bit distracting. That super-realistic helicopter sound seemed out of place, and the cartoon boings & boops just really took me out of the fantastical elements of the the story & visuals. Perhaps some of the sound effects could have been mixed better, as well. You should definitely look into using left & right channel panning, fading, and volume to your advantage.
Some of the motion seemed a bit awkward as well (especially that walk cycle), but that's a minor point, as I feel the movement worked with your choice of art style.
Overall, you do a great job of creating an interesting fantasy world, and it's only somewhat diminished by the audio design. I definitely enjoyed it and i'm definitely interested to see what you do next :)