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. Bad things.
Otherworldly Bait price in Growtopia: sells for about 20 WL (median of 68 offers from community Discords, past 30 days). Live price chart and the latest buy and sell offers.
Recently sold at: OBAIT, ZZZ, YAPI, E5ET, SAGUER