This zelda papercraft is the King of Red Lions, based on The Legend of Zelda, created by Ninjatoes, Chokipeta and Andrew Lewis. There are another paper craft model at the site: Zelda Papercraft – King of Red Lions Sea Base. The King of Red Lions is a character from The Legend of Zelda: The Wind Waker. He is a talking boat whom Link befriends and uses to travel the Great Sea. The King of Red Lions appears after Link is cast away from the Forsaken Fortress, he acts as Link's sidekick throughout the game, but eventually becomes insentient at the end. He gives advice to Link and proclaims him the "Hero of the Winds".
The King of Red Lions is actually the King of Hyrule, Daphnes Nohansen Hyrule. According to the Great Deku Tree, he was tasked by the Goddesses to search for the hero destined to defeat Ganondorf. After being thrown into the sea by the Helmaroc King, Link is eventually found and saved by the sentient sailboat, who brings him to Windfall Island. In order for Link to set sail, he must first purchase the Sail from the Windfall Island Shop. When Link reaches Dragon Roost Island, the King of Red Lions gives Link the Wind Waker.
After Link's second visit to the Forsaken Fortress, the King of Red Lions, Link, and Tetra venture to Hyrule to reveal Tetra's true identity: Princess Zelda. After Link arrives at Hyrule Castle, he cannot talk to the King of Red Lions, as he will not respond nor move for that matter, even when struck with the sword. When Link ventures inside the Castle he learns that King of Red Lions is not alive at all, but rather being controlled by the King of Hyrule.
At the end of the game, Link is seen sailing away in the King of Red Lions, but the boat seems to be only a boat at that point, considering Daphnes Nohansen Hyrule is now presumably dead. The boat's eyes are closed, showing that it is not possessed by Daphnes Nohansen Hyrule anymore. What happened to the King of Red Lions after this is unknown, although it is possible that Tetra took it on board her ship as a memento of her adventure with Link.
You can download this zelda paper craft model from here: The Legend of Zelda: The Wind Waker - King of Red Lions Free Papercraft Download