In probably the best gaming prank since Street Fighter's Shen Long , Dark Souls director Hidetaka Miyazaki has revealed that the mysterious pendant starting item - that fans have been scratching their heads trying to figure out since the game's release - honestly has no function whatsoever. In an interview with IGN , Miyazaki revealed that "when it comes to the pendant, I actually had a little bit of an intention to play a prank."
The fan conspiracy theories probably began when Miyazaki said, as part of a Famitsu interview, that he'd choose the pendant or nothing as a starting gift - and that's despite the in-game description of it as a trinket with "no effect". In any other series that would be the end of it, but Demon's/Dark Souls is so chock-full of secrets that a secretly magical pendant was a very real possibility.
Of course, now we're thinking that perhaps this is a triple -bluff, and the pendant has some amazing use after all. That's the beauty of Dark Souls' deliberately vague, mystery-laden world - you could believe just about anything to be lurking inside it.