From the artist:

“A Link to the Past was my first Zelda game, and currently my second-favourite.

I tend to prefer those Zeldas with Ganon as the main villain over the ones featuring Ganondorf or a one-shot villain. My favourite Ganon is ALttP’s one because he’s not just a temporary transformation into a raging beast, but an evil warlock in control of his senses and plans.
I also like the fact that Link transforms into a pink rabbit when first being thrown into the Dark World. While I’m not exactly sure what Zelda herself would turn into under the same circumstances, I decided that for this tribute picture I’d make her into a bunny, too. Two lost little rabbits, stranded in Dark World without a moon pearl.

(Or alternatively, The Legend of Zelda - Furry Edition :D)”