*Drinking this essence allows you to channel the powers of every playable character in the Super Smash Brothers video game series, at their full power rather than just the limited movesets of the games. However, you can only channel one character's powers at a time, but you can switch between them on the fly.
*If you wish you can physically transform into the character or any variation of the character. Different color skins, alternate outfits, etc. The transformation is as fast as power switching.
*You can also summon any items, allies or minions any character has access to outside of the game. Examples include Samus Aran's ship, any link's items or companions or Ganon and Bowser's minions. Any minions or creatures summoned will be as loyal to you as they are to the character. You will instinctively know how to use the items the same as the characters.
*You can grant other people these powers by creating a sticker of the character in question, which the target must then attach directly to their skin. These stickers are indestructible and cannot be removed by anyone except you. However you lose access to the powers of the character you make a sticker of for as long as they are being used by someone else. When you take back a sticker, it vanishes into your body as if you had never made it in the first place.
*You can summon various items from the Smash games that you can use to turn the tides of battle however they will spawn randomly in a set radius around you, not in your hand. These items work exactly the same way they do in the games, which means they can be used by combatants other than you. This also includes the various Assist Trophies and even the Final Smashes.
*You can also create 'amiibos' of the game's playable characters, clones of them with all of their powers who are 100% loyal to you despite how they may act in their source material. You can even decide how they are loyal to you, whether they are in love/lust with you, respect you, fear you or are just total bros. Yet like with the stickers, you lose access to those character's powers for as long as that amiibo is active. You can summon multiple amiibos at once or summon the different versions of characters that have appeared in the game. OoT Link, TP Link, BotW Link, Samus and Zero Suit Samus, etc.
*You can summona characters with alternate costumes or color schemes. You can even choose what gender they take, male, female, even futa, or even give them a more human form if you like. So yes, you can summon Bowsette if you wish or have an orgy with all three Zeldas and Shiek.
*If or when an amiibo dies, you can either choose to retake their powers or revive them. Note that choosing to retake their powers doesn't mean you permanently lose that iteration of the character.
*If you wish you can communicate with a character as a voice in your head offering advice and/or encouragement or if you just wish to speak with them.
*You can summon the various stages from the Smash Games as small pocket dimensions to combat or spar in or just spend time. They can function just like in the games if you wish but the various functions and events in the stages are under your control. Dangers, platforms, movements, etc. While in the stages no one can permanently die, they just reappear above the stage like usual and damage accumulation can be toggled on or off. When on it will replace receiving injuries. When not in use they will repair over time if damaged.