This is the short "Rubber Duckies" from the early computer animation video Imaginaria.
1993 saw Miramar Productions, already known for its Mind's Eye series of pioneering 3D animations, created a companion volume for children called Imaginaria. Eventually Miramar's shorts would be licensed by YTV in Canada to be aired as "Short Circutz" in place of commercials.
Unlike later productions, Imaginaria was only released on VHS tape, the short lived Movie CD format (NOT Video CD) and Laserdisc. This is the higher quality Laserdisc release, carefully digitized.