There are some issues:

- The characters feet should be higher up so they're standing on the ground
- It's not exactly clear what's going on... is that his soul exploding or something?
- The "Nightwolf Wins" text is missing before "Fatality", and it should be so that both phrases match up with the speech. And the Fatality text sprite shouldn't be darkened

You're probably aware of these, but I thought I would point them out anyway. The background looks really good, and the animation on the whole was pretty good for a first. There are much worse MK animations out there. Keep at it.