In Warlords of Draenor, this item will be added to the new Toy Box feature and no longer take up a bag slot. You will be able to "use" the item straight from the Toy Box interface.
The Toy Box will be account-wide and therefore so will this item.
This item is rewarded during the Lunar Festival for killing Omen while on the quest Elune's Blessing.
The item can be used to create an Elune Stone once a day. The Elune Stone makes a beam of light off the ground (similar to the old style graphic for Solar Beam) for three minutes.
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