A friend of mine recently started up her own photography business specialising in natural kids and family photographs. She sent me a picture of one of these and I made one for her based on the photo she sent.
First, I made a scrunchy.
Then I stiffened up some felt using a mix of glue and water to soak the felt in.
Then I put it all together with a hot glue gun. This sits over the camera lens. I don't have a camera to model it on, wish I did though.