I can't tell from the potato quality of the pic, but that's likely. Additionally, for contact with anything that hasn't got a layer of leather between it and me, I would really prefer to have welded rings. Riveted ones are also quite the chafe.
It appears that whatever pattern this is isn't a typical 1-in-4 or 1-in-6, so I have no idea how it's actually constructed.
Hehehe that reminds me of when I was young. I had 100 feet of 16 or 18 gauge wire, a thing that wound it, and the biggest ass pair of bolt cutters I've seen. I made enough for a mail fist.
I'm never doing it again, but that was an accomplishment.