Its an interesting concept! Kinda reminds me of Persona in some ways. The artwork and character design is really neat though, and I like the gameboy shader ramp effect!
Its not very clear what (PMQ) results in what effect in the dream world though. The platforming is kind of floaty and the character kind of drifts around (although that can be blamed on the PMQ result lol), gets caught on ceilings when jumping, etc, so it can use some work.