CordCruncher Headphones by Jay Johnson.
CordCruncher Headphone is basically a set of earphones with an elastic sleeve for the cables, one end of which always remains within it. You can expose anywhere from 16 inches to 3.5 feet of cord. The left and right wires are held in an elastic sheath that can be worn as a necklace or bracelet. It’s a fully funded Kickstarter project. If you pledge at least US$20, you will receive a pair sometime in May.