The Bloody Amulet is a consumable item used to summon a Blood Moon. It can be used at any time to instantly summon a Blood Moon and will set the time to 7:30 PM, the start of night. It is dropped by the Eye of Cthulhu at a 30*3/10 (30%) in pre-Hardmode, 15*3/20 (15%) in Hardmode, and 7*7/100 (7%) in Superhardmode.
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With enough Bloody Amulets the player can indefinitely extend night by using another before it becomes day, setting the time back to 7:30 PM.
This can be useful for fighting bosses as many can only be fought at night.
It can also be used to indefinitely extend the Frost Moon or Pumpkin Moon events, as it will not cancel the events, but still sets the time to 7:30 PM.
As it drops less frequently in Hardmode and Superhardmode, creating a new world to fight the Eye of Cthulhu in will provide the greatest amount of Bloody Amulets.