This image was created as an entry for a contest run by Ghost of Macbeth, the creator of the 'Goblin Horde' character set used in the image.
The figure uses the Goblin Horde character, while the armor is composed of bits and pieces from a variety of sets, all retextured in Carrara. The writing on the blade was generated using an online rune generator and then applied to the blade as a bump map (it reads "shop at Joes sword shoppe bargains galore"). Volumetric clouds are used to add a smoky appearance to the backdrop.
In some ways, this image continues the theme of the Borderlands of Mordor image, but the technology has moved on a bit since that image was made.