In the trailer several colors of light sources can be seen. When looking closely at all the colors of light you can see:
- Orange/yellow light
- Green light
- Blue light
- Purple light
The first color is the normal/non-magic light (from torches/fires/lamps etc.) The three latter types of light (green, blue and purple) appear to be indicating some form of magic.
Green magic
This is probably the more “natural” magic color of the three. Near the house of the Rabbit you can see something giving off a green-ish light.

Brewing
When looking at it closer it appears to be a cauldron:


This green light is also seen in the building with the Rabbits and the Ogre:

Notice the cages that have green light emitting from within them: they are chained to heavy weights. Like they would (sometimes) float towards to the ceiling if they weren’t anchored. It appears that the green kind of magic can make things lighter or move (upwards.) Or in other words: levitate!
When this property of green magic is combined with a cauldron it is likely potions of levitation can be made that way. This ties in with the goal of reaching height in the game.
Blue magic
The blue magic color can be seen in staffs:


It is assumed that these staffs allow (or enhance the effect) of the blue magic (spell) casting. Notice the strong blue glow that is coming off the staff and is reflected from the surrounding ground, clothes and objects.
Two kinds of effects from blue magic can be seen: enchantment and summoning.
Enchantment
In several places you can see weapons being enchanted by blue magic:

This picture shows a (long) enchanted sword on the back of the character glowing blue.
In this picture there is also a (small) enchanted sword glowing blue.


In this picture there is a clear blue glow visible around the character with the grey hair (also notice the sharp blue reflection on the right shoulderblade of the left character) indicating that the character probably is wearing an enchanted weapon, even though that weapon is not in direct view.
Summoning
There is one place where the effect of blue magic summoning is visible:

As can be seen the large skeleton and two small skeletons have a distinct blue glow behind/surrounding them. Since they have no backpacks they are unlikely to be players. Instead the blue glow strongly indicates they are magic. They are most likely summoned and controlled by a player.
Another possibily is that these undead creatures are “taken over” by a player and controlled by it. Note that the small skeleton in the far background (not seen in this particular frame) does not seem to have a blue smoke surrounding him.
The above also implies that players will most likely have the ability to learn spells!
Purple magic
The last magic color that can be seen is the purple magic. Very little can be seen, so much is uncertain. But below is an interpretation of what we can see.
There are two instances where the purple magic can (probably) be seen:


The giant crab has purple eyes and the “smokey monsters” also seem to have purple eyes (well, at least their glow.) It seems to be an indication of poison or darkness/withering.
There might be one more subtle indication of this purple magic:

In the “hut” of the Rabbit (which seems to be some kind of sorcerer) there are some purple bushes. It is possible he is preparing/using these to create ingedients for purple magic.
It is however also possible these bushes where already there before the house was built and can still be seen. These purple bushes appear to be rare though in this scene.