Preserving valuable memorabilia so it can last longer

Hello!
I have Bruce Dickinson's stage-worn, 42 years old Wristband, and I would like to ask you friends, what is the best way to keep it so it can stay in good shape and form
I was thinking to vacuum it, but I was told, it would lose it's structure and form that way.
What I did, is (check photo), I put that wristband in small plastic bag, folded it so air cannot get inside, and over it is a fat glass cover. Is this good? or there is other, better way?

Thanks!