Phantasmal Spirits, often shortened to just "Phantasms," are usually the essences of powerful, mythical beasts from other planes of existence, which were given life and a physical form in this world after being summoned with a catalyst. After being summoned, they can be convinced to enter a contract to the service of their summoner, and act more or less like a familiar or a very helpful magical pet.
When your dracovix completes quests, gathering activities, or expeditions, they may sometimes find a catalyst in their reward loot! A catalyst is a strange relic that seems to not be of this world, such as a piece of a weapon, parts of a fantastic monster, clothing, or an enchanted book. Each catalyst corresponds to a different Phantasmal Spirit, and when used in a summoning, will summon that Phantasm.
There is a variable fail rate in summoning a Phantasm depending on the rarity of the relic and the personality of the Phantasm. Not all spirits are so willing to serve a mortal. When the summoning ritual fails, the catalyst may be destroyed or vanish, or the Phantasm may take their catalyst and go home, as the dracovix who summoned the Phantasm was unable to convince them to form a contract.
More to be discovered and revealed in time!