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I've made these and saved them for my Christmas Decorations. they are fun to do a very decorative bow at the top and have it wrap downward over the whole tree, or a star for your 'tree topper' and instead of ribbon you could also use strips of Stampin' UP! Designer Series Paper (or decorative scrap book paper).
Would look really good with fabric covered buttons...um, make one with fabric buttons and add a yellow button for star