This end of a single string of intangible silk thread acts as if its other end was somewhere in the distance. Once per day, you can spend one minute following the string and the string creates a small hole between planes, creating the effects of a Rope Trick spell with the string being used instead of a rope.
A creature holding the Thread can use their action to cut it, destroying it, but making them benefit from the effects of the Blink spell for 1 minute, but with the teleport distance being increased to 30 ft.

You can combine the Dreamscape Thread with a Dream Needle, consuming both and creating the Needle of Phantasia