This papercraft is Iota, the main character of the adventure video game Tearaway, the paper model was created by ikarusmedia. Iota contains a special message within his envelope shaped head, and must deliver it.
Iota is a small letter that falls into the Tearaway world at the beginning of the game. Pieces of paper then surround him, and become parts of his body. This is when he wakes up, and the adventure begins.
Iota is able to run as fast as a Wendigo, and also walk on a glue path on a wall. He can carry and throw a ball, he can turn into a ball, as well as jump small distances and can ride a Rideable Pig just like his fellow letter Atoi. [Source: wikia]