The Minecraft Architect @theminecraftarchitect.com · Jan 9 This is a new asset in the latest Minecraft Preview. Could this be a new cape? The file is titled "capeIncentive-f3fad.png"
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Additional screenshot from @xkingdark.poggy.org on Twitter, the cape will likely be a reward for signing into a Microsoft Account in the future
Looks like @smokeystack.dev found this first, I discovered this today while looking through the asset files