Silk

One unit of Silk can be crafted out of 10 Cobwebs at a Work Bench. Silk can be used to craft a Bed (an object which grants the player the ability to set his/her spawnpoint). This action requires 5 Silk and 15 Wood. Silk also sells for a high price at a merchant and can be considered a more valuable form of Cobweb which otherwise sells for nothing.