This is inspired by a few key covers I saw on Japanese websites. There was one site in particular (mentioned below) that I based mine on. Although mine is pretty different than that one too. I used felt and made it in the shape of a tag. And I used ribbon instead of a cord (because I didn't have any cord on hand). And I embroidered a bit of pink tulle in the shape of a heart onto it.
I don't know how the Japanese use these, but this could be worn as a "necklace" or around your wrist, or loop around your purse handles...or just toss in your bag.
(I decided to turn this into a tutorial...I'll post images to go along with it soon.)
1
Cut two pieces of felt into the shape of a tag. I used a tag I had on hand as a pattern, but you could just cut a rectangle shape and then snip two of the corners off.
2
If you wish, decorate the pieces of felt however you want. You could use simple embroidery, or sew felt pieces shapes onto it. On the first one I made I embroidered a heart and piece of pink tulle onto one side.
3
Stitch the two pieces of felt together. But leave the bottom open, and leave a small opening at the top that's big enough for the cord/ribbon to go through, but small enough that the key ring won't go through it.
4
Cut the cord to desired length and tie the ends together. Loop the cord around the key ring. .
5
Then slip the ribbon through the hole at the top and pull until the keys slide into their little cozy pocket