V2: It's striking enough of a shape to catch the eye, but understated enough to make it look believable as a tool/weapon in-universe. Good job. My only suggested improvement would be a test to see whether baked-in or modeled-on ergonomic contours/grooves on the darker part of the handle would look nice.

V3: Bit bloated, lost its charm. As an axe I can see that it'd be difficult to chop through something once you cut deep enough hit the red bulky parts. That'd be fine on a slicing-style weapon but axes gotta chop, don't want it to stop so shallow.