Yes the fondant needs to dry. It helps to put some extra gumtex or tylose powder into the fondant to assist in the drying, especially if the weather is humid.
For either type of bow (bow tie or loopy present bow), you will need to put saran wrap, foil, or parchment paper into the loops to help them retain their shape while drying. If you look at the bottom of the home page, there is a tutorial for making the bow tie. PM me if you have any further questions.
Here is a tutorial link for making them.
http://cakecentral.com/article103-How-To-Make-a-Gumpaste-Bow.html
If you want the big ones with lots of loops...Make about 6 strips of fondant/gum paste in 7-8" lengths, 6 in a 5-6" length, 4-6 in a 3-4" length and a couple small ones and one for the final "loop". take each strip, and gently fold one end to the other making a loop without making any creases. Add some tissue inside loop to keep it from falling and attach with piping gel or some sort of fondant glue. Do this to all of you strips and let dry on a cornstarch dusted board overnight or even better for a few days so they dry really good. Then just place one cake starting with the larger loops first, then the next row of smaller ones, so on... just attach with piping gel or some sort of fondant glue. They are really easy! Good luck-there is also step by step instructions of this method I just explained to you in the Wilton fondant book.
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