The Storytelling Octopus is a character featured in A Link to the Past.
The Octopus lives within a Cave in the exact location where the Sanctuary was found in the Light World. When Link meets the Storytelling Octopus, he promises to tell Link a profitable story if Link pays him 20 Rupees.
If Link chooses not to hear the story, the Octopus states that he isn't interested in talking to people without Rupees. If Link agrees to pay the Octopus 20 Rupees, then the Octopus tells Link that he found incredible beauty inside the Pyramid of Power, but somebody has sealed the door. The Octopus tells Link he cannot do anything with a standard Bomb.
The Octopus is referring to the Cursed Fairy who lives within the Mysterious Pond inside the Pyramid of Power. Link needs to use a Super Bomb to blow up the entrance. It is here where Link can acquire the Silver Arrows as well as the Golden Sword.
The Octopus is also one of the targets inside the Shooting Gallery.
Storytelling Octopus from A Link to the Past.