I knit round ones that have five knitted layers that are made into five different sized circles that form a round pincushion. The smallest in the center holds my seam ripper. My scissors are held between the layers. It is knitted using wool, after years of use, the wool becomes slightly felted. I also have one which holds my most used knitting needles, crochet hooks, yarn needle, and scissors when knitting or crocheting.
I frequently give one of these to new quilters.