Rainbow Cursor

Nothing about your character. The mouse pointer itself cycles through colors while you are in a world, and that is the whole item. It cannot be reforged at all, so there is no argument for wearing it anywhere except a social slot.

• The effect stops at the main menu, so a character select screenshot will not show it.
• On a controller there is no cursor to color, so the accessory does nothing at all.
• The Empress of Light drops it, which puts a purely cosmetic item behind one of the hardest optional fights in the game.

It came from a viewer suggestion by the YouTuber ChippyGaming and was added close to as proposed, down to the effect, the name and which boss should drop it.