Majora’s Mask and the land of Termina provide a mysterious and surreal setting, so much so that it’s a popular fan theory that the game is actually a dream. Those who support this theory like to point out the fact that the game contains the song The Ballad of the Wind Fish. This, they say, is a clue to the fact that the game is a dream, as that song is also used in the game Link’s Awakening, which itself is a dream. Speaking with Game Informer, Eiji Aonuma addressed this theory and explained the real reason The Ballad of the Wind Fish returned in Majora’s Mask.
Game Informer: There are hints in Majora’s Mask that Link’s whole experience in Termina could be a dream. One small example, the Indiegogo’s play The Ballad of the Wind Fish, which was featured in Link’s Awakening – which was revealed to be a dream at the end. Is Majora’s Mask all a dream?
Eiji Aonuma: The reason that this song from Link’s Awakening was used in this game really came down to a decision by the sound team. They were looking for inspiration, something that would fit the theme, and since the previous game was about collecting instruments it made sense that you would want to use this for a band in this case. For us, really, it was just a playful choice that referenced a previous game and nothing more than that.
However, I love that people think about stuff like this, and I think it shows how they feel about the franchise as a whole that they’re interested in these possibilities.
There you have it! Aonuma loves the fact that people are inspired to theorize about
Zelda, but Termina was not intended as a dream land. Both at the time of the game’s release and in 2011 when Hyrule Historia was published, Nintendo’s official explanation has always been that it is a parallel world.
Source: Game Informer