Yep... look like the fake polish is peeling off. The real main question is what your wheel is really made out of... not all wheels can be polished... it has to be high quality metal wheel.
Tape off your centers to prevent damage to the black powdercoatings... tape along the entire circle where polish ends and them tape a cardboard to the center to protect the rest of the wheel.
At this point, you can't do worse... so try sanding one small section to see how much you can get off and then try polishing it with the wheel polishing kit. If you can polish it, then go for the rest of the wheels.
It is poor workmanship that makes it crack like that.