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A Balloon can be found in North Clock Town being shot at by Jim with a blowgun. Another appears in the Astral Observatory, blocking the ladder leading out of the sewers. It must be destroyed for Link to continue.
Tri Force Heroes
Balloons first appear in Stage 1 of the second Level, Buzz Blob Cave, where they demonstrate the Balloon-popping power of the Bow. Each of the Links must fire an Arrow at one to lower a small bridge, allowing access to the Level's main area; then, working together with the Totem ability, one of the Links can reach a high-up ledge and pop a final Balloon containing the Key to the Triforce Gateway. Balloons can also be popped with the Sword, any other weapons, thrown objects, or even by Enemies.
The main use of Balloons thereafter is in the Drablands Challenges "Pop all balloons!", in which every Balloon in each Stage must be popped before the Triforce Gateway will activate, and "Don't pop any balloons!", in which popping a single Balloon results in an instant KO, restarting the Stage. In these challenges, numerous Balloons appear in preset locations around the Level. Some are stationary, while some float around a given area. Elevated Balloons often bare a number, indicating the height of a Totem required to reach it.
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Balloons are found throughout Ancient Shrines. They are commonly attached to platforms, allowing for movement through the air. They can also be attached to Bomb Barrels, creating portable Bombs.
Balloons are Zonai Devices. When a heat source is placed underneath them, they will rise into the air. They can be merged with other Objects with the Ultrahand ability to create vehicles that can reach high altitudes with relatively little drain on Link's Energy Cell. Balloons cannot remain aloft indefinitely and will blink green for a few seconds before their duration expires, at which point they will disappear.
Tingle puts on a determined face and begins to pump up his Balloon. With an enthusiastic "Kooloo-limpah", it pops, damaging enemies nearby. This attack hits foes in a wide range around Tingle.
Trivia
The Rosy Balloon's name may partially be a reference to Freshly-Picked Tingle's Rosy Rupeeland. Likewise, the Mr. Fairy Balloon resembles artwork from the game.