graphics were ok
Alas, it turned out to be a button-mashing fighting game. You'd have to work on after-attack cooldowns to get the players to THINK before landing a punch or a kick. That way you can get some strategy in it.
Also, crouching is on fight games for a reason. The characters' movement speed was also an issue here. It was too fast, and the distance between players turned out irrelevant.
Keep the graphics, polish the engine.