I don't think the OP plans to carry around the passport on a daily basis just for fun. What is meant is a passport envelop wallet for traveling. I have long debated whether such a thing was useful. I am still not quite sure.
It makes the passport bigger and heavier and if you put something else in it and lose it, then you lose more than just the passport and things get even more upsetting. The passport also doesn't really need a lot of protection. A simple plastic slip would be enough. Mine have gone for their life-time without protection and always still looked good when they expired.
So there are only two real reasons for me. One is that such a wallet can be a fashion accessory. The other is that the new passports will have RFID chips and a wallet that can prevent unauthorized read-outs is certainly not a bad thing.
I have a little fetish for black ballistic nylon so I got this model from Travelon:
http://www.amazon.com/gp/product/B00...d_i=B001CZP0NO
It has a ballistic nylon and leather trim outside and an inner sleeve that shields the RFID chip. There are also a couple of credit card slots but I don't use those. Cost is less than $20.
Otherwise those scotchgrain leather envelops with the seal of your country on them look fairly cool and are thinner than this model.
Just do a google and Amazon search to see what's out there.
Till