It's an "art toy". I believe they're hand made and painted resin. Because they're handmade they have really low production runs, like 50 to 80 pieces.
Sucklord, the guy who makes them, seems to have in interest in bootleg aesthetics, so that's where the style for his toys and art come from.

It's quirky, and I thought you guys might find it interesting.

There's also a larger sized Megatron in a cloth suit, and a pink resin "Gay Energon" Shockwave, referencing his Starwars/GI Joe "Gay Empire" stuff.