I work at a craft store and I see these things all over the place and I wanted to learn how to make them. There are so many different versions and how you make each one. This is how I decided to make mine.
Paint your ball. This is optional.
Cut your ribbons all about the same size. It can be however long you want. Normally I cut mine at about 6-10 inches.
Trim and burn your edges. Now this step is up to you. If you have a grosgrain ribbon, it doesn't fray it you cut it at an angle. But if it's a satin ribbon, you need to burn the ends so it doesn't. Just pass your lighter right past the edge. And it melts super fast.
Arrange your ribbons how you want them to be at the end. Put the thicker ones on the bottom. This way you can see the smaller ones.
Thread your needle and sew through the ribbons a few times.
Now add your painted ball.
Now the keyring
Sew around the keyring and through the ribbon a few times.
Tie off the wire on the bottom of the ribbon.