I used (unwashed but ironed so it stayed crisp) fabric that I wrapped around an old cork board. I attached it used a staple gun (one of my favorite tools), some people use spray adhesive but I worried about wet-marks and gunky pin cushions. That part was very simple and fast.
Attaching each individual nailhead was time consuming. It might just be my perfectionist tendencies, but it took me about 2.5 hours and it still isn't perfect.
Both the dry-erase and cork board are for our newly done den....more coming.