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The Master Bait is a type of bait that has the best non-consumption rate out of all baits. It is a quest reward from the Angler. It can also be found in Iron Crates.
Master Bait Terraria 1.202:16

Master Bait Terraria 1.2.4 Joke Name but really important Terraria HERO Terraria Wiki

Update Info

v1.3.0.1

  • Sprite changed.

v1.2.4

  • Added to the game.