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"A red key with a flame design at the handle."
"The fire key from the dream, rusted over. It is useless now."
The Fire Key is a key item necessary to complete Eric(a)'s Memories. It is acquired after defeating the Shining Dawn Bird, and like the other three keys, serves no other purpose. It also rusts right after leaving the memory area, which can be checked by looking at it in the inventory when Eric(a) and group are in the void room for the second time.