What is an Arcana Key?

Arcane Keys will allow you to open the Arcane Chests that are littered around the Abbey and its grounds.

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So to add on to the previous answer. Arcane Keys you can find randomly scattered throughout the Abbey Grounds or you can obtain them as rewards from either the Daily Sparring in the yard or by solving the various mysteries throughout the Abbey Grounds. You could also get them by completing hero quests given to you by the various guests in the Abbey itself. Also remember to pet Charlie at least once a day and every now and then she'll give you an arcane key. Basically there are lots of ways to get them. Some times on the grounds you'll stumble across a stone on which you could use the reveal ability. By using the reveal ability an arcane key will pop up some where nearby and you could pick it up. You just have to keep an eye out for them. One for example is just right by the door you go through to enter Dreamer's Descent. You also get the first one for free the first time you visit the Elemental Alter with Agatha. Now of coarse you already know you can use these to open the various chests scattered throughout the grounds and the building itself but me I like to save the arcane Keys for the epic and legendary chests as you could get some really great loot out of them. Epic chests are purple and legendary are sort of a golden yellow or orange color. If you build up enough arcane knowledge you could open the common and rare chests without a key. Common are white and rare are blue. Those chests I would save until you build up enough arcane knowledge and a key is no longer needed. This way you don't have to waste as many keys opening up all the chests if you want to make that your goal. Only open up the first chest Agatha tells you to once you have the first key. These chests if I remember right could also be used as fast travel points once they are discovered