Well I am certainly no expert but, one of the first knives I made or I should say remade ( it was rehandled and cut down to size for what I was using it for) was complimented with a hot waxed sheath. The sheath was cut from the uppers of an old work boot. Not mine it was my bother's, or course he didn't know that for a long time!:biggrin:
It was a knife I used for cleaning fish and it was carried in my tackle box. I was about 13 or 14 then, I am 54 now. The sheath s still looks good the knife was a POS but was used for many years to clean fish so that kind of lets you know what it was exposed too. If you are looking for a durable natural finish for leather it is a good treatment! I actually melted wax and poured into the inside and poured back out so it was waxed inside and out!