Most often used as decoration. Value may be high since it is only lootable from a rare-spawning boss creature.
source: https://tibia.fandom.com/wiki/Fur_Cap
Before imbuings, It only exists in the game as decoration/rare, it isn't used as equipment. It's also not part of any quest, but Tibia likes to add links to old items, so who knows! Now this items have 2 slots, so you can imbue this by: mana leech, axe fighting, club fighting, distance fighting, shelding, sword fighting. no protection by elementals.
funfact:Pair of earmuffs have +2% protection from ice, but this fur cap not :/ it's little strange.