Every elf deck, goblin deck, and tribal list in Commander is looking at this card
He is just a 1/1, so this deck will be hard pressed to win via commander damage, but a look at his other abilities tells us he should be able to let us go wide -- really, really wide
Because you are holding your Faithless Lootings for longer, this naturally makes Show and Tell a good card to sideboard in, as youre unlikely to be aggressively discarding your big creatures
The card synergizes with blink effects like Ephemerate and Teleportation Circle, letting you rack up counters faster
Pair Kraum with disruption that encourages opponents to play reactively
However, if you do, and all of those creatures are illegal targets at the time Out Cold tries to resolve, it won't resolve and none of its effects will happen