What is in this image? Describe it as if you were explaining it to someone from the 15th century.

Behold, a most curious depiction, sire! Here you see a fanciful creature resembling a spider, though drawn in a manner most whimsical and not in the likeness of our natural arachnids. This creature has a round body surrounded by frilly edges, much like the look of a saw blade, and it bears a pair of wide, gazing eyes that bring to mind the innocence of youth. Each of its eight limbs is jagged, akin to the legs of a creature of the night, yet it appears suspended from above, as if floating in the air by some unseen tether. One might imagine it a playful demon or sprite, drawn in jest to amuse and perhaps to adorn a festivity or a gathering, where tales of myth and fancy are exchanged under the cover of night.