If your paper isn't already in a square, make it into one.
Step 2: Fold
Fold your tree-to-be triangularly three times, as in the first picture. Without unfolding, fold it again as in the second picture. When you unfold, your square should be divided by 8 (16) radial creases.
Step 3: Corners
Fold in the corners. Fold them in just far enough that the beginning and end of the new crease begins and ends on two other creases, as in the picture.
Step 4: ZigZag
Fold along all of your radial creases, alternating between folding in and folding out.
Step 5: Slice & Fold
Make a few cuts on each vertical triangle of the tree. Fold down from the top of each cut so that the fold makes a triangle.
Once you've cut and folded each vertical triangle, you're done! Wrapping yarn around the tree makes great garlands, for that extra touch.
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