The essential elements are as follows. First, the exposition in the story arc needs to establish the rules of the fantasy world. For example, how magic works. Then, the rising action can be filled with quests. The hero might be searching for a magical artifact. The climax is when the hero overcomes the greatest obstacle, perhaps a powerful wizard. In the resolution, the new balance in the fantasy world is shown, like how different races now coexist peacefully.
For a fantasy novel, the story arc template has important parts. The setup should create a sense of wonder about the fantasy world. It can start with the main character being thrust into this strange new place. The rising action is all about the character growing in power and knowledge. They might learn new spells or make allies. The climax is a showdown that decides the fate of the world. The resolution is about the aftermath, like how the character is now a legend in the fantasy world and how the world has been transformed for the better.