I found this last week while coming back from the Gatelord area and was puzzled by it. As soon as you hit Campus 9 go straight until you hit the first vex gate and look down and a bit to the right. It looks as if it comes out of the mountainous area we are propped up on. Maybe just maybe like .000001% it's going to be an extension to VoG down the road.
Edit:I get that it's a skybox, but whom says i can't ask questions about what is it, what was it, why is it there, it's purpose. I guess that's why so many people bash on Destiny because the can't use their imagination to think outside of the box.
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Have you tried shooting a rocket at it? If there's an explosion there has to be something physical there. I know it's most likely a skybox though but it looks very interesting.