This is a meré, a hand axe that is primarily decorative, ceremonial, and used in haka and dance performances by Maori people in Aotearoa (New Zealand). Historically, it was a weapon. It is sometimes also crafted out of pounamu (jade).
These highly detailed wood carvings have more or less spiritual meanings. They are undoubtedly made with real craftsmanship. Just like many other Maori art forms they were used as vessels to pass on tribal history