This image was researched by Bacchus at ErosBlog as part of the “Γ commission.” The research was originally published at Hedonix as “Γ 062 – Fantasy Armor Really Works!.” Here is what Bacchus found.

Original post here. This image was uploaded to Imgur during the last week of July, 2014, and has subsequently exploded across all social media. Although there are nearly 500 results for it in Google Image Search alone, virtually all of these results appear to post-date the Imgur posting. No image credit was provided on Imgur by RedShotRonin, the uploader; and a look at his posting history does not suggest that he’s in the habit of posting his own work or claiming what he posts as such. As one commenter points out in the Imgur thread, it’s an update of a very old visual joke about fantasy armor for women that originally appeared in Dragon magazine for tabletop Dungeons and Dragons players. No older posting of this image or proper artist credit could be identified.