This is referred to as a tunic because the front is cut way too high to be worn as a dress. Unless you are Lady Gaga and you wear it with just a pair of underpants. It would look really great with a pair of black pants – or anything some creative person could come up with!
This garment is 100% polyester. The fringe has some discoloration that may be sun damage, but it is also pretty even so it does look intentional. And I think it looks pretty cool! Double spaghetti straps and a V-neck. Is also a high-low situation.