The song ends rather abruptly and the overall song fills pretty flat. It doesn't really pass much feeling (in my opinion.) It's simple with not much to make up for it. I recommend making it more dynamic and/or adding more energy to it. That way it can feel more memorable. The composition also feels pretty off mainly when the song starts off due to the beginning feeling kind of rushed. You could try a synth or a sub bass as a background noise in the beginning to assist the feeling aspect.
I feel every song has potential so I think this can be something great like a memorable song from a game. I think you should drive inspiration from those old school games that have those nostalgic soundtracks to them. Like some old Legend of Zelda songs or some old school Mario games.
Overall I feel it needs some work done to it but keep going! Also I think it's creative to use the chords on terraria.