Rarity

Rarity is a statistic that applies to all items, loosely indicating their value and the difficulty with which they are obtained. An item's Rarity is indicated in-game by the color of its name text, as displayed, for example, when rolling the cursor over the item in an inventory slot. An item's Rarity can be raised or lowered by up to two tiers depending on its Modifier.

Any item with a Rarity of White or Gray, with few exceptions, will be destroyed upon contact with lava (exceptions being Obsidian, Clay Pots, Living Fire Blocks, Fireblossom, and Fireblossom Seeds). Items from Blue to Purple, and Rainbow or Amber items won't be destroyed upon contact with lava.

Tiers
Click a rarity color to see a listing of items of that rarity.