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I don't think that everything has been done already. There are so many possibilities that one can do. There was once Tolkien, who made Elves and Dwarves popular. Then we have Lovecraft with Cthulh...
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#3: Attribution notice added
Source: https://writers.stackexchange.com/a/36723 License name: CC BY-SA 3.0 License URL: https://creativecommons.org/licenses/by-sa/3.0/
#2: Initial revision
I don't think that everything has been done already. There are so many possibilities that one can do. There was once Tolkien, who made Elves and Dwarves popular. Then we have Lovecraft with Cthulhu and so many else. I only think that the limits of creation are set by people themselves. Personally I doubt my arts could perform to create something new. Maybe in around 20 years I can try to do that, but not now. People who read fantasy or fiction long after new things. Try to create a new race, make a Background for them and make a story of it. Limits are meant to be broken.