The one in the picture is definitely a diy job, they've just taken a bunch of lanyards, taken the ends off and attached them to the keyring. If you look on ebay you can buy about 10 lanyards for £3 and make your own as well.
Yes they are; there's a button on the back and you press it to release each separate keyring. I've had mine for the past ten years and it's still awesome.
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