"Otherland is starting into the second CBT in February. We don't have an exact date yet and it can be delayed, but we don't want to tease you anymore. We polished a lot of stuff and put a lot of effort in it to provide you with more content, more quests and new features," the team said on the forums.
The next closed beta test will include crafting, the auction house, storage, and vendors. Those who didn't get in the first time around can take heart in knowing the team will be handing out more beta keys than the last round.