This paper model is Destiny's Embrace, the default form of Kairi's Keyblade and a Keychain for Aqua's and Riku's Keyblades that is introduced in the Kingdom Hearts II video game, the papercraft is created by Mickey103.
When Kairi is still a child living in the Radiant Garden, she is saved from a swarm of Unversed by Aqua. Kairi gives the Keyblade Master some flowers as thanks, rewarding her with the Keychain for the Destiny's Embrace. Ten years later at The World That Never Was, Riku hands a Keyblade equipped with another copy of this Keychain to Kairi so that she can help fend off a swarm of Heartless attacking Sora. Like Sora's Keyblade, this Keyblade is from the Realm of Light. Later, when Sora is about to face Xemnas within the dream-version of The World That Never Was, he explains that the connected hearts of his friends are his power, and an image of Kairi wielding the Destiny's Embrace appears alongside all of his other friends.
The Keyblade is round and curvaceous to the point of appearing harmless. One side of the hilt is formed in the shape of a breaking ocean wave, while the other is formed into a beige vine of sand that wraps around the shaft, which is colored to resemble a sunset. The vine connects to a bouquet of colorful flowers, which form the teeth of the Keyblade and entwine to outline a heart. A red silken keychain connects the hilt to the Paopu Fruit token, a recurring symbol of the bond between Sora and Kairi. Kairi's version of the Destiny's Embrace is slightly shorter than Aqua's. [Source: khwiki]
You can download this papercraft model template here: Kingdom Hearts - Destiny's Embrace Keyblade Free Papercraft Download