It's made out of metal, and appears to be either laser cut, or cut by some technology not known to man kind. Either way, it's frickin' cool and I'm really happy with it. The guy who made them sold them for like fifteen bucks a piece, which is a steal by any definition.
In thinking of the film, the batarang itself went through a few iterations. The first ones were made by bruce in his basement, er, I mean the batcave. I believe this is a replica of that style. These were the ones he used when he was taking out the goons at the wharf. No, that's not a euphemism for masturbation, by the way.
A beautiful piece, and I'm glad I have three of them.