Lucky Horseshoe

The Lucky Horseshoe is an accessory that negates fall damage. It can be found in Floating Island Chests. They can be very handy when exploring Chasms as the player won't need to worry about being damaged from the long falls. And the Lucky Horseshoe is always useful for all not very cautious players.

Once the player has found a Grappling Hook and/or a Cloud in a Bottle, the Lucky Horseshoe loses some of its usefulness, and can potentially be swapped out, although having one equipped is always a good safeguard, as the Grappling Hook can take some time to retract, and the Cloud in a Bottle can only be used once per fall. The Angel/Demon wings seem to remove any and all usefulness of this item, saving you an item slot, as it also negates fall damage completely