Air-Elf aircraft concept is to solve road congestion. The core of the concept is a new type of wing, “Air Caterpillar”. It can be transformed in order to meet the needs of flexibility and speed of the aircraft. Air-Elf aircraft not only can take off and land vertically, but also is able to perform high-speed cruising....
“Air Caterpillar” wings consist of a main structure and many small wings. These small wings can move horizontally and circularly to provide lifting force constantly. “Air caterpillar” wings are highly transformable to meet the parking, vertical takeoff and landing, high-speed cruising requirements.
Vertical take-off/landing aircrafts already exist, the Harrier is probably the most notable example.
The Air-Elf however is not an aircraft, it is an image on a web page. It does not seem that any actual engineering has gone into it.
The wings should supposedly work by the cyclogyro principle, note that the Wikipedia article seems rather biased towards the concept.
It looks to me that in principle it could work, but there are practical issues:
the wings are small, meaning it would take a lot of power, thus heavy engine, high fuel consumption, etc.
stability and balance. I see no tail or delta or canard to stabilize its airspeed. Hardly any control surfaces besides the stubby wing.
There is a tendency to be really skeptical of novel aircraft designs, and skepticism is a good thing, but the Wright Brothers encountered huge skepticism. In fact, there's plenty of room for inventiveness in aviation.