Does anybody know what it actually does? I tried activating it to get the random item from database prize, but I don't think it works.

Lucky Dip was a promotion which you paid with real money to get a random prize from Toribash Database.You never received an actual item called 'Lucky Dip', just a random item.

I'm afraid that item does nothing, and that was a test item.I guess you can consider it as a collector.

Oh, I see. Thank you.