Wow, does this song only use 2 instruments throughout the whole song? I have always been called out (in a positive way) for being able to make a lot happen with little instrumentation, and I see you're fond of it as well :). You got the base down pretty solid, and I would encourage you to now build on top of this though. Perhaps add some extra layers (an extra melody, other instruments reinforcing the chords, etc.). I feel like this can be taken to the next level!
Also, I like the focus on the "dancing" aspect of the Gnome by making a fun drum-centered dance-beat. Correct me if I'm wrong though, but the theme seems to be mostly a bit dark (using a lot of minor chords), which I wouldn't expect for a happily dancing gnome. I am curious as to the reason behind this :)
Nice song, well done :D