Basilisk Collar is one of those cards players keep asking about. Here is, in plain words, what its official text says, the rulings published by Wizards of the Coast, and the combos players actually run.

Official card text

Equipped creature has deathtouch and lifelink. (Any amount of damage it deals to a creature is enough to destroy it. Damage dealt by this creature also causes you to gain that much life.) Equip (: Attach to target creature you control. Equip only as a sorcery.)

Complete guide

Basilisk Collar is a versatile equipment that turns even the smallest creature into a lethal threat. By granting both deathtouch and lifelink, it provides an efficient way to control the battlefield while stabilizing your life total. Whether you are playing offensively or defensively, this cheap artifact is a staple for many decks.

What it Does

Basilisk Collar is an Equipment that costs {1} to cast and {2} to equip. Once attached to a creature you control, that creature gains two static abilities: deathtouch and lifelink. Deathtouch ensures that any amount of damage dealt by the creature to another creature is considered lethal. Lifelink ensures that any damage the creature deals results in you gaining an equal amount of life.

Step-by-Step Resolution

First, you cast Basilisk Collar for {1}. Once it enters the battlefield, you can activate its equip ability by paying {2} at sorcery speed. When the equip ability resolves, the Collar attaches to your chosen creature. From that moment on, any damage the creature deals—whether in combat, through an ability that says it 'deals damage', or even through a fight effect—will trigger both deathtouch and lifelink simultaneously.

Common Mistakes

A common mistake is forgetting that deathtouch works with non-combat damage. If a creature with Basilisk Collar has an ability that deals 1 damage to a target, that target will be destroyed because of deathtouch. Another mistake is trying to equip the Collar at instant speed; unless you have another card allowing it, you can only equip during your main phase while the stack is empty.

When to Play it

Play Basilisk Collar when you need to turn a high-toughness blocker into a deadly deterrent or when you need to recoup life against aggressive decks. It is particularly effective on creatures with 'ping' abilities (tapping to deal damage) or creatures with Trample, as deathtouch allows you to assign only 1 damage to a blocker and trample the rest through to the player.

Interaction examples

Accelerating the Collar

Sol Ring

With a Sol Ring in play, you can tap it to add {C}{C}. You can use {1} to cast Basilisk Collar and then immediately use the remaining {1} toward the {2} equip cost, provided you have one additional mana from another source. This allows you to suit up a creature very early in the game.

Fixing Mana for Equipment

Arcane Signet

If you are short on a specific color to cast your creatures but have Basilisk Collar in hand, you can use Arcane Signet to produce the necessary mana. Once your creature is on the battlefield, the mana from Arcane Signet can also be used to pay for the {2} equip cost of the Collar, ensuring your defenses are ready.

Basic Deployment

On turn one, you play a Land and cast Basilisk Collar. On turn two, you play another Land and a creature. On turn three, you pay {2} to equip the Collar to your creature. Now, when that creature attacks or blocks, it will destroy any creature it touches and heal you for the damage dealt.

Guide written with AI from the official text and rulings. Official English text prevails.