Spoilers for Shang-Chi And The Legend Of The Ten Rings.
The mid-credits scene in Shang-Chi And The Legend Of The Ten Rings presented fans with an intriguing mystery. Not only do the Ten Rings Shang-Chi's father discovered in the ancient past have no obvious mystical or cosmic origin, but they're also transmitting a homing beacon. Who could the signal be transmitted to, and who created them?
There are many possibilities for the origin of the Ten Rings. Some of them come from their history in Marvel Comics, while others have connections to current and likely future MCU characters. While the mysterious beginnings of the Ten Rings are likely to differ from the comics in some way, they're certain to be important going forward in the MCU.
Kang The Conqueror
Among Kang The Conqueror's strongest powers in the comics are his use of highly advanced technology from the 31st century. He Who Remains, a variant of the villain expected to be Kang in the MCU, has already displayed this power through the use of a kind of bracelet. The Ten Rings could be a product of future technology, left behind in the ancient past during a Kang variant's attempt to meddle in history. The beacon could be calling to this variant, or perhaps others, introducing another wrinkle into the looming threat of the time-traveling villain.
The Makluans
In the comics, the Ten Rings were created by an alien race called the Makluans. Comic fans likely are familiar with Fin Fang Foom, a villainous member of the species who has made numerous appearances throughout Marvel over the years. It could be the MCU introduces the Makluans as the creators of the Ten Rings, and establish the Great Protector dragon at the climax of the film as one of their number. It might be as rewarding a reveal as other possibilities though, given how relatively obscure the Makluans are.
The Quantum Realm
Captain Marvel noted that the Ten Rings have no cosmic origin she's familiar with, and she'd know. It could be the Ten Rings don't come from outer space, but another dimension like the Quantum Realm. This realm has been visited numerous times in the movies but has yet to be fully explored. The advanced power of the Ten Rings could be the product of a civilization or character that lives there. They could perhaps even be from the mysterious city glimpsed in the background of a shot in Ant-Man And The Wasp.
Annihilus
The Ten Rings could be the creation of Annihilus, one of the most powerful villains of the Fantastic Four. In Marvel Comics, Annihilus exists in the Negative Zone. The MCU has essentially substituted the Quantum Realm for the Negative Zone in the movies, so if the ancient weapons have an origin there, it might have to do with Annihilus. The beacon could be a way of alerting the villain to the location of the Ten Rings and set off an invasion from the Quantum Realm that would mirror some of the most epic storylines in the comics involving Annihilus.
The Dweller-In-Darkness
The Ten Rings could be connected to the Dweller-in-Darkness, the ultimate Big Bad villain of Shang-Chi And The Legend Of The Ten Rings. The Dweller hails from another dimension called Everinnye, and the power used in forging the Rings could be beyond the magical knowledge of Wong or Kamar-Taj.
The Dweller-in-Darkness is a character who blurs the line between the cosmic and mystical, and the Ten Rings may also. They could prove key in defending Earth against increasingly powerful threats from the Multiverse.
Shuma-Gorath
One of those threats is Shuma-Gorath, one of the most powerful villains of Doctor Strange. Shuma-Gorath hails from another dimension and has in fact ruled several. For a long time, though, he ruled over Earth. This giant tentacle monster, who could also be the one glimpsed in multiple episodes of the animated What If..? series, could be the origin of the Ten Rings in the ancient past. If there is any connection between the tentacled Dweller-in-Darkness and Shuma-Gorath in the MCU, then the Ten Rings could be a way of linking these dimensional threats together.
The Celestials
Though Carol Danvers could no cosmic origin for the Ten Rings, she may not be aware of the Celestials. Among the most powerful cosmic beings in the Marvel Universe, the Celestials have created technology far beyond any human understanding. They have been referenced in the MCU previously, but it seems as though their power and potential are largely a mystery to the universe. The Ten Rings could be a relic of the Celestials' involvement in the early history of Earth, or more likely, one of their most significant creations.
The Eternals
In Marvel Comics, the Eternals are the product of genetic experimentation the Celestials performed on early man. They inherited and created highly advanced technology tens of thousands of years in the past. Some of their power, glimpsed in the trailers for the upcoming movie, seem to share some aspects with the Ten Rings.
When Shang-Chi took possession of the Rings, their color changed from dark blue gold. Gold seems to be the signature color of the Eternals power and tech, and they could have made the weapons in the past, but they were either lost or stolen.
The Nega Bands
Captain Marvel cast doubt on a cosmic origin for the Ten Rings, but the weapons share some visual qualities with the Nega Bands from the comics. The Nega Bands were worn by Mar-Vell, the first Captain Marvel in the comics, and they were created by the Kree.
A workaround for the MCU and Carol Danvers' unfamiliarity with them is that the powerful Nega Bands were very ancient and once trapped Mar-Vell in the Negative Zone. It's possible they were lost there in the MCU, and then somehow found their way to Earth. Annihilus also created a set of his own Nega Bands in the comics so if that villain makes an appearance in the MCU, it could land credence to the theory that the Bands and the Rings are the same.
The Quantum Bands
If not that Nega Bands, then another possibility for the origin of the Ten Rings is the Quantum Bands. These extremely powerful objects inspired the Kree to create the Nega Bands, and they draw energy from the Quantum Zone in the comics. These bands were bestowed on Protectors of the Universe, an elite group of heroes chosen by the cosmic entity Eon.
Among the Protectors in the comics were Quasar and Mar-Vell, two long-standing Marvel heroes who patrolled outer space and neutralized cosmic threats such as Deathurge. It's possible the Ten Rings are the Quantum Bands, and the beacon is calling out to perhaps Eon or the last person who wore the bands as Protector of the Universe.