This Vocaloid papercraft is Tako Luka, an officially recognized derivative of Megurine Luka, and the result of creativity of imagining Luka's hair in the form of an octopus, in the same manner as Hachune Miku, the paper toy created by Chimaki.
This octopus had a very important involvement in Vocaloid fandom, most notably in the Japanese community. Both Tako Luka and Hachune Miku are seen as mascots side by side with their source characters. The word "Tako" means Octopus, meaning that her English name is rendered as "Octopus Luka".
The term "Derivative" is used here to describe a fanmade Vocaloid character that is based on an already existing character. [Source: wikia]