This "implant" is pretty much a wearable device since it is in contact with skin but is fully outside the body.

Usually wearables refer to things you can easily take off, like a watch. This thing looks pretty permanent -- though maybe it flips open like an earring to be removed and serviced?

The barbell piercing that it anchors to is permanent, but I think the device itself has to be removed to charge.

You can get a cheap wristwatch that has an integrated digital compass, or a tiny analog compass embedded in the strap.