Hoverboard

Needs 18 Shroomite Bars and 20 Souls of Flight to craft. Allows the player to fly and glide like any type of Wings. Holding down + jump will allow the player to hover for the duration of flight time, similar to the Flying Carpet.

When using the hover feature, the player receives a speed boost that stacks with all other speed boosts, (even multiplying speed from Hermes Boots or its derivatives,) although this counts as "flight time" for the purposes of how long the player can remain in the air. After hover/flight time runs out, the player will enter a glide (with no horizontal speed boost) like with wings. If the glide is held until the player hits the ground, the player can hover over the ground with the speed boost for as long as the player does not run into a block or go over enough empty space to run out of flight time. (Functionally, you are constantly resetting your flight time.) This means players can hover over sky roads at significant speeds.

The game seems to count these as wings; Wearing wings with a hoverboard does not stack flying times like most jump-boosting items do, and wearing wings on a slot "above" the hoverboard means the hoverboard's hovering cannot be activated.

Trivia

 * The concept of the hoverboard was first widely popularized with the Back to the Future movie franchise, especially Back to the Future Part II.