Even if it is, I don't exactly see multiplayer being a fun experience for From Dust.
I'd imagine it to be like this:
There are two sides of a map, equal at the start.
You command the breath on one side and the opponent commands the breath on the other side.
The goal would be to capture all the totems on your side first then capture theirs.
Either that or co-op where you both have the breath and can work together.
Or one person controls a evil breath and one person a good one, however there would need to be a no-drop zone around the totems for the evil breath or it would be too easy.