Of course it is papercraft, only the abdomen, neck and gloves are not (right now). To make it water resistant i used several layers, from outside in: Spray paint, Water diluted white glue (for gloss effect), opaline (pattern), cardboard, paper (pattern with no flaps), cardboard and duct tape. It is slim (2-3mm), light, and strong.
I'm working on my new abdomen in Blender and it'll be made of my special mix plus fabric for more flexibility. I'm improving it since 2008.