This is an interesting piece of kit. It’s not the first product of its kind (nor the cheapest), but it does offer a couple of unique advantages. It’s called the BAD Wrap and they’re wraps for your camera gear. But these ones are padded, waterproof and hold their shape without velcro. BAD Wrap currently funding through Kickstarter, with pledges starting at $18 for the smallest one.
It’s a neat idea and I’ve used microfibre cloths and velcro straps for similar uses in the past – usually to stop lenses from banging together inside my camera bag. And if it’s going inside a camera bag, I’m not sure what extra protection it needs. But for covering up gear that’s not being stored in a bag, it could potentially be quite handy!