This item is found only in the console version(s) of Terraria.
The Sparkly Wings are one of the variants of craftable wings, a flight-enabling item in the game. Flight is enabled by holding down the jump button, and the user will continue to fly for a certain amount of flaps of the wings. One can also glide down slowly after capping out on flaps, by continuing to hold the jump button. The wings also negate fall damage, regardless if the player is floating down or not, essentially replacing the Lucky Horseshoe and Cloud in a Bottle. The player can still use the Cloud in a Bottle for extra altitude, though it's recommended to use the Cloud in a Balloon instead due to it giving much greater altitude. While wearing wings and Spectre Boots/Rocket Boots, the player can ascend even faster.
Giving 104 ft of flight, Sparkly Wings are tied with Angel Wings and Demon Wings as the lowest tier wings in the game. These wings can also be purchased from the Dryad for 40 Gold Coins, however the world needs to be Hardmode and it needs to be a Blood Moon.
Jump height compassion table
Maximum jump/flight height with different accessories