Interesting decoration 
Not that I could remember!
The Swinging Polygon is a completely different matter.
If it should be a 3D model of a lantern like in the picture of the linked job offer, one only needs two such rings with corresponding z-values and the outer edge must be jagged similar (but simpler) to the swinging polygon.
This still has some similarity. However, the soft folding is in the radial direction.
CircleDynamicallyFormable
ComputeNormalsInVertexShader