This is bait for fishing. Equip a fishing rod and then use this bait on water that you are standing next to in order to start fishing. This bait actually travels through a wormhole into a dark dimension and catches things there, instead of in the water. Lesser bad things.
Lesser Otherworldly Bait price in Growtopia: sells for about 7/WL (median of 37 offers from community Discords, past 30 days). Live price chart and the latest buy and sell offers.
Recently sold at: OVGA, SOHLC, OBAIT, YAPI, 8VHI