Enter Sleep mode on it after sunset to enjoy a wonderful sleep.
Night sleeping is also effective on Machinery.

A block that allows the player to sleep and skip night time.

Can appear in fishing villages and desert villages.

Cotton (3)
A Handful of Weeds (10)

When a player interacts with a simple sleeping bag, they will be in sleeping state. If the player is sleeping when the in-game time is anywhere from 18:00 to 5:59, after a few seconds, the time will be set to 6:00 and the player will wake up and get a helpful status effect for some time.

In multiplayer rooms, all players have to be sleeping before the day can advance and status effects can be applied to everyone. A counter will appear to show how many people are currently sleeping.