Consume your current weapons to get a 50% damage boost on their weapon categories
Useful in the middle of a run when you already have two or three alternative weapons in preparation for getting a new weapon during the current floor or at the start of the next.
Choosing this perk after defeating the boss of a floor allows the chance for the weapon at the start of the next floor to take the place of a destroyed weapon.
Taking this does not consume any weapon you've bound to your wand slot with the Magic Binding perk. That will stay as is (alas, without the 50% damage increase as well but you can't have everything) - potentially leaving you with something good to use until you find other weapons.