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How I did it:
Step 1. I bought a frame without glass in it. $1.99 at thrift stores.
Step 2. I used an old scarf (or you can find a cute and inexpensive one at Ross, thrift stores, etc.) and also make sure you get a scarf that you can poke your earrings into.
Step 3: I cut the scarf a little bigger than the frame and stapled it all around the back edges.
Step 4: Put all your earrings on them! :)