I have a flannel backed tablecloth(design wall) afixed to my wall with a furring strip with two screws, I have painted it with some deco paint. To this my DH pounded big fat nails on which I hang scissors, rulers, patterns, hoops, etc.
I must say that pic is pretty! BUt I think my nail takes up less space, and my space is extremely limited as my sewing room is in a very small bedroom.