I really like this and think it would be a sick tattoo on the inner wrist. The word valknut is a neologism: it is formed in modern times through combination of ON valr, ‘the dead’ or ‘the slain’ and knut, ‘knot’.
I have this as a tattoo to represent my partner, with some subtle colour added. Just found out it is originally an embroidery design from "Make your next crafty move a good one with this chess-themed design! Dynamic strokes make up a stylized knight.