All we used was 2 lids from whipped topping containers, a hole punch, some ribbon, scissors, and a plastic bag.
The top collage is of the one I made for my son. For his I punched holes around the entire perimeter and cut out a center circle. Next I cut out strips from a plastic bag. And finally I tied them all around. He likes using his as a basketball hoop and throwing a ball through the hole. The other thing he likes to do with his is use it as an instrument (he loves to make noise). The strips of plastic hitting each other make a Sssh! Sssh! sound.
This bottom collage is of my daughter and her version. For her version I allowed her to pick out any thin ribbon we had, while I punched holes around only half of hers after I cut out the center circle. Again, tie the ribbon through the holes. She liked using hers as a fairy crown or as dancing ribbons.
This was so simple to make and there is just so many possibilities. Make some with your kids and see what their imaginations come up with as uses. Let me know what they come up with.