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I recently found Reefbane, a unique "fishing rod". I cannot understand its usefulness, and I am under the impression that it is an "inside joke". Is this right? Or are there some legitimate uses for this item?

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Fishing is an ongoing joke in the game. You can't really do anything with fishing rods or fishing items except collecting and/or selling them.

Fishing items are extremely rare and popular among collectors. Some rods sell for multiple exalted orbs so they're not completely useless if you find a buyer.

Always check poe.trade for the current price of the rod in your league.

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