It says hysteric mini and it looks like a real sponge, judging from the feet on it, that is just packaging, so it looks like it is supposed to be a cool sponge for baller kids.
Hysteric Mini is Hysteric Glamor's kids line. They actually put out a pretty sweet vinyl version of their Hysteric Mini mascot last year, kind of like a Kewpie with shades and a pacifier. The Spongebob thing... who knows. Did SB just do the package? Also, it might just be the picture but those skulls look way, way too busy.
