I think it is meant to be a wristlet. This pattern is found on page 25 & 26 of Tatting Lace Corsage & Accessories by Emiko Kitao.
Tatted in Lizbeth Size 40 in Ocean Sunset Col. 155. In this colour thread, the 3D rings are not so obvious. You may be able to see it better in the second photo. Any suggestions on how else this can be used as?