As is the norm in the gaming world after an important announcement, gamers are already excitedly exchanging rumours regarding the latest Zelda game, details of which were released by Shigeru Miyamoto at a behind-closed-doors conference a few days ago.
The most prevalent of these rumours, however, seems to be the theory that the blue female character is actually an anthropomorphised form of the Master Sword, based on the gem inset into her chest and her hood which seems to resemble the tip of the blade. This could also potentially explain why Link is not bearing any kind of weapon in the art.
As this is early artwork and Shigeru Miyamoto is notorious for changing games’ design and gameplay repeatedly throughout the development process, we’ll probably not know the truth until a lot closer to the game’s release. Feel free to speculate in the comments below until then.