This is Reaper’s version of the D&D Beholder. The Beholder is an iconic Dungeons and Dragons monster. The name is even kept as IP by Wizards of the Coast, which is why Reaper has to call this model “Eye Beast” instead of Beholder.
The original base is kind of crummy, so I cut it off and sculpted one with Green Stuff, complete with some green slime dripping down the walls. It’s intended to look like he’s hovering in a tunnel deep in the Underdark somewhere. I modeled the color scheme on Eric Louchard’s Nautiloid Chrysalid from AnitMatter Games.