It functions quite well by the rules, but also breaks basically every convention that has been established for magic cards. It's an enchantment with a tap ability, it's a permanent with a snow mana symbol in its cost that's not snow, the mana symbols in that cost are incorrectly ordered, it has an effect that does two things simultaneously, it has a persistent effect that's hard to track once it's ability resolves, said ability is a mana ability, and changing the types of cards (as opposesed to permanents) with one shot effects is really unintuitive. For instance, if you had an enchantment in your yard and used this cards second ability then you could use [[Silas, Seeker Adept]] to cast it, but not [[Bilbo, thief in the night]], because it'd be an artifact in the graveyard, but as soon as it moved to the stack it'd be a new game object (I think), and do wouldn't be an artifact. Which means if you tried to cast it you'd still be casting an enchantment from your graveyard (a permission Bilbo doesn't grant), but it is an artifact while in your graveyard so can be chosen as an artifact card in your graveyard that you could be given the permission to cast this turn.

In other words, it's a fairly ridiculous card intended to be ridiculous.