The team at Oh Happy Day explains:
This moon piñata can work two ways. Of course you can hang fill it with candy, but you can also just use it as a decoration. This technique of making a piñata (instead of paper mache) goes so quick and has a lot less mess. When I'm making a piñata like this I usually add the fringe while I'm watching a movie. It's mindless work but is really relaxing.
For the full instructions, check out Oh Happy Day.