It is (loosely) based on a group of real chinese weapons. Chain whips and rope darts are very similar in how they appear, although their actual use is different.
You may have seen meteor hammers used in various martial arts movies, including an oversized one in Kill Bill Part One.
The Japanese also have a variety of similar chain weapons, including the kusari gama and the manriki.
So, they're at least as based on real weapons as anime sword fights are based on real sword fights.
