It has an interesting double-outline Sonic art and the Welcome to the Next Level slogan with Sega copyright. It is made of metal (likely aluminum) and is rather thin. The interior may also serve as a mirror, and it likely has a cosmetic purpose of some kind. Do you have…
Here, Sega Saturn Magazine announces a Sonic R story with this rendered Sonic cover. It doesn't look like standard art from the game, and comes with the headline of "It's Show Time!"