Entering one of the eleven covenants found throughout Lothric affects the multiplayer mechanics in various ways.
Completing duties for a covenant grants the player certain tokens, which can be returned to the covenant leader to unlock unique rewards.

Covenants can be switched on the fly by equipping their respective covenant item.

Covenants

• Warriors of Sunlight
• Way of Blue
• Blue Sentinels
• Blades of the Darkmoon
• Rosaria's Fingers
• Mound Makers
• Watchdogs of Farron
• Aldrich Faithful
• Spears of the Church
• Pact of Chaos
• Company of Champions

Notes

• Covenants can be switched to on the fly without penalty.
• Your current covenant is displayed in a special slot within your inventory.
• Specific enemies have low chances of dropping Covenant's Tokens.
• You must discover a covenant before you can switch to it.
• Entering a New Game cycle will NOT reset your covenant progression, so it is not possible to re-obtain the covenant rewards if you have lost them somehow.