Step 5: get sticky
Stretch the velvet over the face of the cardboard, checking for fit, then flip it over and apply a thick line of glue around the center cut out area, then another thick layer around the whole outer ring. Press the center points into the glue, rounding the middle with a finger while you press it in.
Then put the outer edges down, dipping them in glue to have them stick where they overlap, or using the q-tip to apply glue to the edges that need extra sticking. Be sure to check the front while you are gluing to make sure it doesn't have wrinkles- and be careful not to get glue on the velvet in front!
Then do the same thing to the back piece, and then wrap the stand in velvet with the fabric wrapping from the outside to inside on all edges.
Give it a few minutes to dry at this point, but not long enough where it gets hard, the length it takes to have a cup of tea works good, then put a thin layer of glue on top of the velvet around the inner edge and set the plastic into the center, pushing it up through the center so it sticks out, and watching that it doesn't make the center edges of the frame look weird, if they come out just push them back down flush.
Let the pieces dry overnight. If you are impatient and don't want to wait overnight you can use hot glue instead.