The ⚗️ emoji shows an alembic, a vessel once used for distilling chemicals. It represents chemistry, laboratory work, experiments, alchemy, and potion-making.
People use it when discussing science projects, formulas, brewing, or anything treated like an experiment. In gaming and fantasy contexts, it often means potions or alchemy. It can also jokingly suggest that someone is concocting a suspiciously elaborate plan.
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