The ribbon beads are made by rolling the ribbon over a bamboo skewer, working slowly and carefully and using a dab of fabric glue every half inch or so, with a generous amount used at the end. Leave them on the skewer until you need them so that the hole will stay open. The felt beads are made the same way but are also wrapped in various threads, some with seedbeads on them, both to hold them together and also to add more dimension and color.
While this may not be a quick project, it is certainly worthwhile. I have had so many comments on it when I've been wearing it, and have also been asked if I sell them (no!). It's also a good way to use up odd beads and small ribbon bits, as the more variety of colors, textures and shapes in it, the more the "wow" factor.