There is a Wikipedia article for this location.

Mimer's Realm is a map space in northeast Midgard. It is connected to River Vid to the north, Jotenheim to the south, and the Dungeon (10 meters, northeast) through a purple portal. Mimer's Realm can also be reached by dimension traveling to yellow.

The main reason to visit is the quest for Heimdall's horn Gjall, obtained by defeating Aspenth at the bottom of the well.

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