Yes, it stares right in your eyes. Always.

It can be created in a Crafting Table, via shaped recipe:

Alternatively, there is a small chance to find it in chests generated within End City.

After being bound to a location, it will teleport any entity the player Left-Clicks on to that location, vanishing from their inventory right after.

The eye, in fact, teleports any entity that player directly attacks, preventing it from receiving damage from that attack.

If bound location is in other dimension than target entity, nothing will happen - eye will not vanish, entity will not be teleported anywhere and will receive damage from being attacked by player as normal.

Once bound to a location, that location cannot be overwritten.