Two materials: sparkly pipecleaners and thread (well, I guess three if you count the scotch tape used to hang them from the ceiling.
Cut the pipecleaners all in half. Take 4-5 pieces and twist them around each other to make sure they stay connected. Curve the ends to look like fireworks when they explode up in the sky. Tie various-sized pieces of thread around them and hang from the ceiling. You can use thumb tacks, but I just didn't feel like dealing with those. :)