Hello, and welcome! Trinkets are good for music players, to use for hunts etc. You can also trade them for pebbles at the vendor. Wolves just get hungry. ^^
The music box trinkets, when used, unlock songs to play! Other trinkets, like the Liontail Nytha Spines and Common Hunting Trophies and the Plushes and a few (bunch) other things are required for hunting quests, usually the treasure types. You can sell them for pebbles in your inventory. and no, wolves do not die! they just get hungry, then get unhungry over time. aka their stamina.
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"🎶It costs that much, 'cuz it took me f**king hours~. (F**king hours~)"