It’s a friendship bracelet. Back in the late 80s and early 90s friendship bracelets were super popular in elementary and middle schools. The idea was that you and your friends would make them by hand and give them to each other. I’m sure they’re probably low key still a thing, but their popularity at the time was pretty much on par with how popular fidget spinners were a few years ago, so you could buy mass-produced ones in all the same places you could buy fidget spinners: gas stations, grocery stores, etc. This was the most common style of mass-produced one.