It started out as a leather work glove and the blades looked like they were made from a set of steak knives, it has a blade on each finger but not on on the thumb.
When Freddy passed away the glove became his chosen weapon of revenge on the children of those who he felt wronged him.
The glove was created for the 1984 movie 'A Nightmare On Elm Street'. It deliberately looked like it was handmade, which tied into the backstory of having been made by Freddy Krueger to kill.
In New Nightmare the glove was revised and made to look more natural and a blade was added to the thumb.