SilverWook said:

It does say "partial trailer" in the description, which makes me think it's incomplete. :(

Can 35mm film fade completely to black and white?

No, it would fade to pink.

When I first looked at it, I thought maybe it was one of those "film strips" they used to show in school- but it wouldn't have all those duplicate frames.

Maybe it is for a slide projector, and the frames were supposed to be cut out and mounted? It must be an early one because of that old pointed "w".

I'm curious as to whether or not there are any other images on it or just the one we're seeing.