Could be made out of recycled fabric for the markets at night? These beautiful paper lanterns can be easily re-created with paperclips, tape, multicolored tissue paper, pens, and sequins. Check Ikea for cheap lamp bulb/cord kits .
If I had a pool I would totally try this out. Put a glow stick in a balloon for pool lanterns. Pool party on a Summer night! I think this could work pinned up on the fence of a backyard without a pool, too, so really great idea for any outdoor BBQ/party!