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It's a ball/projectile/sports implement for the game Scrotoss. I've not played it and I'm still not entirely convinced it's not just one big conspiracy/joke, but I know some people do play it and it seems like fun. In short, it appears to involve chucking a scrotum-shaped bag around with sticks. I've knitted one in pink. With nipples.
And no, the answer is of course, it's not art. I just started it for fun, but I feel a bit odd about having made a scrotum/boob hybrid now.