Pros: The blood splatter looks very good. It's better than a few I have seen.
Cons: The text. I'm not the biggest fan of words on skins, but it's nothing that would get you points off of an assessment. But the font and text effects do however. It seems like you just put the word in a random spot then added a few cheesy overlays.
Improvements: Redo or take the text off.
Pros: This seems to fit in well with the game. The colours look great
Cons: If there was one thing to comment on, it would be the fact that the handle looks slightly blurry. However, to be honest it's unnoticeable. :D
Improvements: try working on a larger canvas.
Notes: Also try making the blood splashes just a little bit smaller, it looks a bit 2d at the moment. =D
Great work though dude.