This item calls upon the presence of the Midgard Serpent. In Norse Mythology he is the guard of the Midgard-- the cycle of existence that exists in the center of existence. It is the one that humans currently exist in and the realm of existence in which anyone reading this description is familiar. He was cast into a "lake" that encompasses Midgard and was cast there by his archnemesis Thor to bind the humans there. The Midgard serpent, known as the Jormungandr, grew so big that eventually was able to hold his own tale in his mouth, keeping all humans inside of their own consciousness. Eventually, the Jormungandr will open his mouth releasing humans into the realms of the cosmic conscience. Until that time comes, the serpent remains.
You can equate this serpent to two other instance where the serpent is depicted in similar manners. First you can think of the serpent who is painted as the "bad guy" in the Bible. He brings Eve the forbidden knowledge that breaks the cycle with God. A more familiar instance is the Egyptian Ouroboros that is eating his own tale and signifies rebirth of newer, better existence through the death of your old existence-- kind of like the Death Card in a tarot reading.
Either way you look at it, the same spiritual principles can be applied to each story and the way it is told. They are all different forms of symbolism to let us know that a greater power put us here on Earth and will eventually return for us to recreate us in the next levels of the cosmic conscience. He will allow us to depart from our mere mortal existence to exist as super beings that have full control of cyclic magic and the alchemy of the soul-- giving us the ability to exist as we shall in a realm that will be called "Heaven," on a different plain of the cosmic conscience. What happens after that is pretty much a mystery to the human mind until the "Midgard Serpent" relinquishes the hold on his tale; Or, in other words, until the barrier is broken between our mortal awareness and be are elevated to our new form at the Final Battle when we fight against those forces that are holding us back.
However, have I got some exciting news for you. I've already told you that this piece calls upon the "Midgard serpent" in his spirit form. He will come to you and elevate your existence. He will "open his mouth" upon your soul allowing you to break his hold on your existence, releasing you from your cyclic prison. He will give you the ability to elevate your existence to travel among the Nine Cosmic plains of existence to experience realms that you have never before experience, exist in forms that you have never existed, and to bring all the powers that you will encounter on your journey back with you to the mortal realm.