Theory warning: This section contains theoretical information based on the research of one or several other users. It has not been officially verified by Nintendo and its factual accuracy is disputed.
Given is association with Majora's Mask and Moon based design, it is possible that it was created by Majora's Mask. Another possibility is that it was created by one (if not all) of the Lunar Children.
It may also have a connection to Majora's Ocarina (Skull Kid's Level 3 weapon) which has a design based on Majora's Mask.