I'm not really concerned about hair rings. Just keep an eye out for damage by chewing. If you see damage it's probably not safe because material can be ingested and cause bowel obstructions, or death by hanging from tattered cloth.
I know I feel like I'm the messenger of doom here. On the light side it looks intriguing and I know chinchillas have done well with woven fleece hammocks and huts. This kind of material is usually not normally used in the construction of chin products.
