In the television series, Floppy wears a collar around his neck with a golden key upon it. The key is magic, as the title suggests, and seems to do some strange things whenever one of the children asks a question and Floppy wishes for something. It starts to glow and transports the children, Floppy and sometimes their grandmother through a vortex to other worlds, where they have exciting adventures, such as dealing with trolls in a cavern, being characters inside of a computer game, or finding the Fountain of Youth and when the adventure is done, they get a gift and the key glows and they all go home. In the books the key is kept in a box which opens the door to a dollhouse and Floppy does not go on all the adventures.