Not sure how it's supposed to work without a blade. And I don't know what that little speck of metal encased in plastic is (see photo). Basically useless. However, I later bought a set of spare blades because I have yet to cut the straps and found there was a blade; It broke before I received the item. So I had a problem trying to fish out the two broken ends of the blade that were still stuck in the tool. (The middle "cutting" part of the blade is the metal shavings trapped in the plastic in the picture.) After I fixed all that and installed the new blade, the tool works fine and cuts the ribbons with ease. But be prepared that it will not be in perfect condition. (Watching the Weaver video really helped - I had to buy their version.)
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