I hang the hoops using two hooks so they hang level on pegboards. The hoops have labels for each machine and the hoop size. I use 3" deep hooks and can hang 4 hoops on each set of hooks. They stack neatly and it's easy to see which one I need for the project
I use two white metal pegboards installed side by side over the cutting table area. The boards come in different colors so fun to coordinate with sewing room decor. There are bins and shelves that I added to stay organized.
https://www.wallcontrol.com/pegboard/