It's an officially licensed piece of Axe Cop merchandise - not so sure the Nyan Cat creators had any say in the matter, though.
I suppose it was obvious who would win, though when it comes to the losers, there are in fact many. Like me - if my wife sees this, she's going to burst into tears that a fictional feline made of Pop Tarts got chopped in half. And I will be blamed for it, probably having to buy a fancy dinner as compensation.
The things I do to amuse you people.