This is a 2 yard niddy noddy made of furniture grade PCV plastic. It can easily hold all the yarn from a full bobbin.
Niddy noddys are a good way to take yarn off bobbins and make them into a yarn skein. This is useful for dying or helping to set the twist in your yarn.
The 4 end caps and plastic form make this niddy noddy water proof. It can also be used with dyes (though some types of dyes can stain the plastic but that can be a badge of honor for dyers).
Watch the video below for an overview.