This is a can sleeve or can cozie. In this instance it may be called a "koozie" likely for copyright reasons. This style of cozy uses black spongy/rubbery material for the inside to stop condensation, and help keep the drink cold. (It works to varying degrees, though the black inner material does have the ability to wear out) The outside has a thin stretchy fabric, printed with Green Hill graphics (they're even pixelated) including rings, palm trees & flowers. Tails is the neo-classic stock art, while Sonic is classic running/no feet version. (note that the can is a Mountain Dew, with "Dark Knight Rises" promo edition. Very candid to be as obvious as that) This should be around 4.99 and can be found in www.superheroden.com in 2012. It's likely also available at regular retail somewhere.