I think you could pretty much follow the pictures but just in case, I've added captions.
Supplies, Black Felt or Velvet, Old 8 x 10 picture frame, ribbon with loops, hot glue, cardboard or foam board, scissors.
Glue felt to back board of frame, measure from top 1.5 inches and then 2" after that.
Make sure that the ribbons are tight and add a little bead of hot glue down the back of the ribbon to secure it, careful not to glue the loops down or just add two dots of glue under each ribbon.
Add slits of cardboard or foam board to inside edge of frame.