It can be either used as a decoration or to award a winner of a player held contest.
You can only read the text if you stand 2 SQMs from it or closer.
There are three kind of Goblets, bronze, silver and golden.
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You will also get this item from winning the third and last level (Warlord) of the Barbarian Arena Quest by killing the 10 Warlord Bosses.
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