The lost key in "Aloft" is a special and important prop in the game. However, many players are not sure what the specific use of this key is. In fact, the lost key is still very useful. Not only are keys used to unlock doors like the one hiding the second mural, you'll also find some locked treasure chests as you explore the caves on the island.
What is the use of the lost key on the floating island
Your first exposure to using the Lost Keys is during the Forgotten Legends quest in the tutorial, when you need to unlock a door on an island to find a second mural and learn how to craft the Home Island Helm . But in Aloft, the Lost Key has many uses, so you'll want to keep one with you as you explore.
Not only are keys used to unlock doors like the one hiding the second mural, you'll also find some locked treasure chests as you explore the caves on the island. These chests usually have good loot, so they're usually worth opening, and the most annoying thing is having to go back when you have too much new stuff to explore.