It turns out it is a fragment of a longer youtube video made by the Japanese tissue paper company Nepia. The video features many other animals and plants, so I highly recommend watching the full clip (you can click on the link above or on the animated gif to the right).
They even produced a
"making of" video showing
just how much work went into it, which I also recommend.
Update 1404.21: if you prefer reading in Japanese, here are the corresponding links to the Nepia home page and "making of" page