FlyingFlying is an evasion ability.
A creature with flying can’t be blocked except by creatures with flying and/or reach. A creature with flying can block a creature with or without flying. (See rule 509, “Declare Blockers Step,” and rule 702.17, “Reach.”)
Multiple instances of flying on the same creature are redundant. (CR 702.9)
Whenever one or more Faeries you control deal combat damage to a player, put a +1/+1
counterTo counter a spell or ability is to cancel it: remove it from the stack without resolving it. A counter on an object or player is instead a marker that changes characteristics or interacts with rules or abilities; for example, a +1/+1 counter modifies a creature’s power and toughness. (CR 701.6; 122.1) on this creature.
When this creature
diesIs put into a graveyard from the battlefield. (CR 700.4), each opponent loses X life and you gain X life, where X is its power.