These are WCW Fly Buddies.
You fill up a balloon with water or air, stick it in this Frisbee-type thing, and then throw them and watch ’em fly to your buddy!
Mostly, they look like what would happen if wrestlers cross-bred with the 7-Up mascot Spot…
![Spot 7-Up mascot](https://www.wrestlecrap.com/app/uploads/wc/2015/04/Spot-7-Up-mascot.gif)