I have one almost exactly like this, except the feathers are blue.
I’ve always been fascinated by old folk tales and the history behind them. This is a brief exerpt about dreamcatchers.
“Traditionally, the Ojibwa construct dreamcatchers by tying sinew strands in a web around a small round or tear-shaped frame of willow.The resulting “dream-catcher”, hung above the bed, is used as a charm to protect sleeping children from nightmares.
The Ojibwa believe that a dreamcatcher changes a person’s dreams. According to Konrad J. Kaweczynski, “Only good dreams would be allowed to filter through … Bad dreams would stay in the net, disappearing with the light of day.” Good dreams would pass through and slide down the feathers to the sleeper.
Another version from the same article was, “Luscious dreams pass through the center hole to the sleeping person. The bad dreams are trapped in the web, where they perish in the light of dawn” - Wikepedia
(Source: shetakesflight)