Here's the work I have done so far for my Tiny Planet university project. Here the final design for the main character which is just called the "Dweller"
The story I have for my planet is that the Dweller leaves his hut to go do this daily routine when a game cartridge falls from the sky and hits him in the head. He tries to figure out what it is by smashing it into the ground, he ends up getting sucked into a 8-bit world and battles his dark side trying to escape. I'll post the storyboard once it's finished.
8-bit version comparison and the Dwellers dwelling.