Take the Deadwood Ritual Totem inside Timbermaw Hold and see if one of the furbolgs there will find a use for the item. The Timbermaw will not speak with you unless you are of Neutral reputation or greater with them.
You have found one of the Deadwood furbolg's ritual totems. The totem itself is of non-descript construction, but a palpable sense of despair emanates from it. If there were any object that might best exemplify the corruption that the Deadwood furbolg suffer under, this item would clearly be it.
One of the furbolgs inside Timbermaw Hold may have a use for such an item... that is, if you've earned their trust enough for them to speak with you.
This totem... I recognize it as one of the Deadwood's, but it is thick with the stench of decay. Whatever foulness has turned our brethren against us is surely present in this object.
You were wise to bring this to us, <name>. Perhaps through study and ritual, we can uncover what it is that pollutes the minds of our brethren. Thank you, friend - please accept these offerings in exchange for your find.