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A bamboo dragonfly is an age-old Chinese toy. The T-shaped toy is made up of a horizontal bar with a small hole in the middle and a straight bamboo stick inserted in the hole. If you turn the vertical bamboo stick with both hands, the bamboo dragon fly will rotate and fly into the sky, with the horizontal piece serving as something like a propeller. It won't fall until the elevating force diminishes.
While making or playing with a bamboo dragonfly, you can experience the fun of ancient Chinese toys for children as well as discover the wonder of science and technology.
Taking a cue from the way dragonflies of the nature world fly, the Chinese made bamboo dragonflies capable of flying way back in 500 BC. For over 2,000 years, the bamboo dragonfly has been the toy of Chinese children. It was introduced to Europe in the 18th century, providing inspiration for the invention of helicopters. Sir George Cayley of Briton, called the "Father of Aviation", was fascinated with bamboo dragonflies all his life.
More you can read about Bamboo Dragonfly in WIKIPEDIA