The thing with felt is that usually it doesn't wash, which you need to do for the microwave bowls. I would cut a small piece, make a fabric sandwich, run a line or two of stitching through to hold it together, then wash it in the sink with hot water and a drop of detergent. If the measurement stays the same, and it doesn't fall apart or bleed terribly, I guess it's ok. You didn't mention the color. If it's white it might work for some things. I guess it works for lots of crafts like ornaments or tissue box covers or something. Even mug rugs, but if not washable, they'd be disposable if they get dirty. Have fun with it!