I remember a while ago , i saw some Digital based Theremins circuits from glasgow university...
would it be possible to make a theremin by using an FPGA ?
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The short answer is yes, although it's really not a good fit for an FPGA project and the FPGA is mostly useless.
Fundamentally a Theremin is a capacitative sensor device like a smartphone's touchscreen or proximity sensor, but tuned to very high sensitivity. See this Arduino theremin, which would be a good basis to adapt from. There may be capsense libraries or IP cores for your FPGA which would make is easier.