A flying toy has a handle and a driving mechanism to spin a propeller assembly for launching, the propeller assembly having blades on the top end and a freely rotatable conical sleeve on the bottom end. The handle comprises a plurality of pinch rollers surrounding the driving mechanism such that when the driving mechanism is activated to spin the blades, the pinch rollers are moved inward to engage with the conical sleeve for holding the propeller assembly while the blades are spun, and the pinch rollers are moved away from the conical sleeve for launching the propeller assembly. The flying toy also has a landing platform affixed to the handle, the platform having a funnel-shaped receptacle to receive the bottom end of the propeller assembly. The receptacle wall has soft fins for hampering the spinning of the propeller assembly when receiving a descending propeller assembly.