This piece was constructed using a modified version of a technique on her Majesty Margo's blog. She uses an embellisher to attach silks to the water soluble fabric (WSF) and removes the WSF before felting. I use a similar technique but use a sewing machine to join a wider variety of fabrics (cottons and synthetics as well as silks) and I leave the WSF in place while wet felting it onto a batt of wool roving (the WSF gets washed away during the felting process).
This is image shows some of the lovely textures, the fabrics are crinkled as a result of the wool shrinking behind them. The raised "blobs" are felt balls that have been squashed and rolled to create more pebble-like shapes.
It is still a work in progress but I think it will just be embroidery with lovely shiny and metallic threads to represent the silvery bubbles from here.