Yes, it's a chair. Kind of hard to absorb at first, but then you get used to it. I think it's beautiful, and most likely worth every penny (if you've got that many pennies to spare).
"an interesting and original piece that is signed by the designer, veryround is a masterpiece in technological construction. it is made of a single .08" thick steel sheet frame which is cut by a three-dimensional laser, colored white and varnished for outdoor use."
as seen by Craig Brimm