I am pretty sure tat it was the WCW Intercontinental Belt.
Real wrestling days....
I believe the belt in that picture is the one they had made ASAP after Flair took the official WCW title with him to the WWF.
Actually, Dusty Rhodes had one of his Florida Championship Wrestling belts onto which they glued a plate with "WCW" the night Ron Simmons won the strap.
Shortly after, they scrambled and got him the one you see on Sting above.
Soon, the lawyers got involved, and Vince had to stop showing the WCW title on WWF TV, but I think Flair still kept the belt because he never "lost" it.
This was in the days when the NWA/WCW champ would put down a $25,000 deposit on the belt while he held it.
That was an insurance policy for NWA to ensure the champ would cooperate with the story lines and/or wouldn't run off with the belt.
When the belt was returned, the champ would get back his deposit with interest.
Anyway, contract negotiations fell through, Flair's current deal expired, and in Flair's mind, he never lost the belt, was no longer under contract, and they hadn't given him back his deposit - hence, the belt belonged to him.