Ok, well, it's your first, so it's not that bad. However, there are some general notes and improvements that you should consider next time. First off, the transitions are too distracting. I'm talking about the weird black swooshing wave thing you have at the start of the battle. Then, the fighting coukd be better. Chasm's first punch is blocked, then he doesn't even try to hit BedBlu again until he's far away. Thry both just stop dead in their tracks for a moment. When BedBlu taunts Chasm to come st him, the close-up of Chasm punching looks a bit awkward and they both disappear in the next shot when the smoke is clearing. It's slightly confusing because the way you show them inside the actual shot is counter-intuitive. Blu is facing to the right of the shot, but Chasm is facing directly towards the camera and whrn the cut is made the part of the shot where Blu was becomes a white void that we're not even intuitively filling with Chasm's fist in our minds because Chasm's fist would be moving towards the camera. Sometimes you have to think of different shots like puzzle pieces. Sometimes they have to fit together. One will have the stick-out end and the other will have a whole. In this case Blu's shot had the hole in the form of the void on the right side of the shot, but you turned Chasm's puzzle piece 90°, so he wouldn't face towards the hole and the stick-out part (his moving fist) wouldn't go in it, instead giving us a front view. Also, the part where they do cool things with their arms just kinda goes nowhere, there's no blast and the arms return to normal right after the collision. The action before Blu loses his scarf is actually pretty cool, though. The Lotus Dance ability seems kinda interesting, but vague. The scarf doesn't really mean anything to us, is it a normal accessory or does he use it to fight or what?Normally when characters sve these accessories they either stick with them if they're just accesiories or get upset about losing them if they're weapons. This is a combination of both and it's a little confusing. The end of the story is fairly funny.
Overall you need a bit more of a quick pace, continuous punches, your fighters aren't going to stand there and let the opponent make the move. You also need to think about shots more carefully. As for animation and backgrounds, close-up art, that'll improve with time if you keep practicing.