The equipment needed to make a phaseblade is very hard to get, depending on your luck. If you have a grapple and Hermes' Boots or Shiny Red Balloons, then it shouldn't be too much of a problem. Just keep your eyes keen for the gems required.
Depending on your choice of color it can be quite difficult to collect the gems required.
Phaseblades appear to be based on the Lightsaber from the Star Wars franchise. They even go so far as to include the humming sound effect and the emitted light when swung.
There is a rumor that the Phaseblade is only able to strike one enemy at a time. This is untrue. It is able to hit just as many as any other sword.
Some people believe that there is a Phaseblade on every sky island. This is not true, as sky islands do not always have great items in the chests spawned.