Sonic the Hedgehog Keychain Spinner (RG-0039)

The object in the image is a Sonic the Hedgehog keychain.

This specific keychain is a "Classic Sonic The Hedgehog Spinning Keychain" that features an image of the character Sonic on a spinning disk. The product is packaged on a card with the "CLASSIC" and "SONIC THE HEDGEHOG" logos. Keychains like this are a type of merchandise often produced for video game franchises and are designed to be attached to keys, bags, or backpacks.