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103 Votes in Poll
A friend of mine pointed something out that I found interesting. When the player is Hollow, he or she may remove all clothing and see on the left part of their chest (right, if camera is facing the front of the player) that there, embedded in their skin, is what appears to be a Fire Keeper soul.
This sounds weird, but according to the Darkmoon Knightess Fire Keeper Soul description: A Fire Keeper's soul is a draw for humanity, and held within their bosoms, below just a thin layer of skin, are swarms of humanity that writhe and squirm. Her brass armor serves to disguise this ghastly form. (Taken from the Dark Souls Fire Keeper Soul Wikia page.)
The anomaly on the Hollowed player's chest, or bosom as it were, is also extremely similar, if not identical, to the Fire Keeper Soul in-game icon, and as stated in the Knightess' soul description, it isn't pretty.
This is just speculation. I'm wondering about other people's perspectives. I can't find anything on this anomaly anywhere.