I would like to recreate an effect similar to that seen at this timestamp in the following video of Zelda: Majora's Mask 3d: https://www.youtube.com/watch?v=M-FoQ1XNoGM&t=462

I believe this was accomplished by having each frame fade slowly away (and travel northeast) after it played.

Is there any simple way to achieve this in Blender? I'd prefer this to be accomplished in the VSE, without any custom scripts (if possible).