That's certainly "lo-fi", sounds like it was recorded on a type 1 cassette tape at high speed and then slowed down. Pretty cool effect!
And lol, idk what the random SM64 voiceclips are doing in a song like this, hahaha. But it's quite charming and funny.
This was very pleasent, especially the piano. It reminded me a lot of the water levels in SM64. Very dreamy.