Doo-doo-dee-dooooooo~ Looks like you found the Shadox Collar item in your copy of 'Quest of the Ghost Dogs' for the Retrocom 16! As that crisp and shiny item-icon hints, it's quite unique, so tuck it safe into your inventory!
Oh, don't mind the '+50% chance to be eaten by a Shadox when carried' in the item description. Nothing to worry about! Just keep a hold of it, and it'll bound to come in handy later!
(Handy for us Shadoxes, that is~)
A budding stream regular of mine, anonomouse the Snivy, has been getting into pixel art and decided to sprite up my collar! Complete with a nice, gleaming tag too! ^^ Very neat, and very video-gamey!