That really is cool. Assume it's a glass container with opening at the top where the orchid is attached. The problem would be humidity. I suppose if it was water tight there could be a reservoir of water in the bottom. I also assume the glass would fog up and get water spots/rings over time. Vandas like higher humidity and light levels so something like this could work...
For more information yo can look at Vase Culture. This is typically done for orchids that want higher humidity around their roots.I grow several several orchids, bu placing the basket/pot/whatever in a clear plastic with out the top. You can't let the orchid sit in water, but it can sit over water. The extra humidity really helps in the winter months when the humidity is so low.