Take the picture frame and paint it whatever color and let it dry.

cut the cardboard to the size of the picture frame.
Then cut the fabric to the size of the picture frame plus a few inches to fold over the back.
Hot glue the fabric onto the back. Pull it tight over the front so it doesn't bunch.

Then Hot glue the ribbons horizontally on the card board.

I recommend using lace for dangles
and other fabric-y ribbon for studs.

Pop in the newly decorated card board and WA-LA! you have a new earring hanger!!