I might be wrong but that looks like the slick puffy paint you can get at any craft store... I am guessing the round at the end is to glue whatever you will be embellishing the clip with?
I am heading to Joanns in a bit and will get a bottle of it and try it. Will post a pic if it comes out okay. That might be a great idea since lining them with ribbon is so difficult, at least for a newbie like me