The product is a rare Ty Beanie Babies Baby plush toy called Rainbow The Chameleon. It is made with PVC pellets and is a collectible item for fans of Ty Beanie Babies. The chameleon design adds a unique and colorful element to the toy, making it a sought-after piece for collectors of Beanie Babies. This particular Beanie Babies Baby is a retired item from the original collection, adding to its appeal for nostalgia and rarity.