I tried my 1st ever fondant loop bow and it was a total disaster. Everything went as the Wilton directions said until I went to assemble the bow. It became all saggy and started cracking. Also, I goofed and used white royal icing to try and "glue" it together. I don't know where my brain was at the moment. I'm off to Wal-Mart in the morning to buy satin ribbon to a make a bow instead.
Here's a fondant bow tutorial by Sugar Wonders Cake Club:
http://www.cakecentral.com/article17-How-to-Make-a-Fondant-Loop-Bow.html
Hopefully this will work for you. 
Sounds like your bow wasn't thoroughly dry. No box instructions can determine the correct dry time for your region (Also the thickness of your fondant that you rolled into loops factors in) humidity and climate change are hard to gauge Good luck though-it looked like you were off to the right start-it would have been great if it had dried a couple more days
I'm sorry this happened. Just chalk it up to experience. Have you seen or considered the tutorial for making a loop bow on CC? It's really well spelled out and very helpful. Not sure what may have happened with yours , but from your pics the loops look a bit thick. Maybe try rolling your fondant out a bit thinner. Did you use 50 % gumpaste & 50 % fondant? That could help immensely. I know the pieces have to dry for a long time. I use the method shown on the tutorial with hanging the pieces on a broomstick or something like it. Keeps the pieces from sagging. HTH....better luck on your next one. Don't give up....it will come together and look awesome next time I'm sure.
To make loopy bows make the individual loops like you did. then make a gumpaste circle as the base and let it all dry. Use royal icing in parchment bag as "glue". It works much better than any other "glue" and it dries very fast and very hard! Assemble the bow as you did here, but assemble it on the gumpaste circle and use the royal as glue.
I didn't have alot of time, so I just bought a box of Wilton Fondant and tinted it black. I rolled it to 1/8" per the directions and made the loops. I dried them overnight on their side.
Will they get extremely hard like gumpaste does? I've made gumpaste flowers and grass stalks in the past and wonder if that is how stiff the loops need to get.
Thanks for all the replies though...I definitely want to try again. I'm very inexperienced at this point. Word is getting out though that I'm making cakes (my mom and grandma both did in the past, so people assoicate me with them) and I've already had 3 cakes...and about 4 already for the next few months. I'm sure this bow issue will come up again.
Never fear! I would recommend this though-while Wilton fondant is GREAT for decorations like this (as it won't be eaten (YUCK!) but if you are in a time crunch only use gum paste and it should be dry overnight-but even that may need an extra day I make up a ton of loops in white then-when I need one I just airbrush it WHATEVER color I need You have a great start though-your loops looked good, just weren't dry enough
KEEP CAKING!
Pertinent information for you in this link also:
http://cakecentral.com/cake-decorating-ftopict-607981.html
I tried to make a fondant bow once .... once! I was worse than a fondant newbie then. I didnt' know the stuff had to dry for a day or so! 
I really thought I could "slap it together real quick"! I tried making it the night before I needed it and found out what a total idiot I am! Mine looked way worse than yours. 
Thank goodness walmart carried the already-made-in-a-box fondant bows! I ran over and picked up one of those.
Try adding tylose powder to the fondant and let cure for 24 hours, then make the bow. That will give it more stability. Then let the bow dry!!! (I know it sounds funny but you never know...) 
I cannot understand why some people insist on making bows out of fondant!!!
I'm not sure I understand this comment. What would you have us use instead? Gumpaste? Real ribbon? I try to make everything edible as much as possible, unless someone requests something inedible specifically.
I prefer to use gumpaste when making bows. I find that fondant, even tho it might appear firm, really doesn't dry out completely and after time the loops can sag if not supported.
It looks like your fondant was a bit thick. I think rolling the fondant a little thinner, with some gum-tex mixed in and ample drying time would have worked a little better.
Keep practicing - this is how we learn and we all go through it! You already learned to tint your royal icing next time! Good for you for trying something new!!
I'm not sure why someone would be disparaging about fondant bows either... I've just learned over time to use a 50/50 gumpaste and fondant combo. It dries faster and harder. The gumpaste gives it its stiffness, the fondant gives you more time to work with it. That goes for any of my decorations. As well, if eaten, the combo still tastes fine, just not as sweet as fondant alone --more like a Necco Wafer.
I'm not sure why someone would be disparaging about fondant bows either... I've just learned over time to use a 50/50 gumpaste and fondant combo. It dries faster and harder. The gumpaste gives it its stiffness, the fondant gives you more time to work with it. That goes for any of my decorations. As well, if eaten, the combo still tastes fine, just not as sweet as fondant alone --more like a Necco Wafer.
You can also use the LorAnn oils to flavor it just in case someone does want to eat it.
Don't be discouraged, It was your first time. My wilton instructor taught me to put a little bit of paper towel between each loop so it will dry and hold it's shape. Thats the only way i found to make a bow of any kind work.
Man guys-GIVE HER A BREAK! I can tell you why a newbie made it out of fondant, A Bow tutorial IS ON THE BACK OF THE WILTON 24oz. BOX You can do it, it is just better (Thinner and stronger) in gum paste or 50/50-but you shouldn't make her feel bad for trying something that the box is telling her to do!
Man guys-GIVE HER A BREAK! I can tell you why a newbie made it out of fondant, A Bow tutorial IS ON THE BACK OF THE WILTON 24oz. BOX
You can do it, it is just better (Thinner and stronger) in gum paste or 50/50-but you shouldn't make her feel bad for trying something that the box is telling her to do!
Where did that come from? I read all the posts and didn't get negitivity towards the OP.
It's all the part of learning. We learn from our mistakes, next time will be better. I have still not tried a fondant/gumpaste bow. But now I'll remember to use the 50/50, roll thin, use a broom stick to let try and use same color royal icing as bow.
I definitely second the 50/50 advice--equal fondant and GP. I use chocolate candy melts to glue mine together. It dries really fast and secure! I also find that I allow at least a week for my loops to dry. I don't know if it's just the humidity in the area we live or what, but I too had the first loopy bow disaster--and it was for a cake that a wedding coordinator had ordered for her son as an example of what I could do.....AARGHH! That was a few years ago and I've created better bows since then . I also dry my loops on their sides instead of over a broom stick...trial and error is a great teacher, but the tutorials on here are fantastic!!
I have never heard about someone saying "Wow! that fondand bow was really delicious! Let's taste the roses now"!
Some things like bows, roses, dragees, are decorations.
People should understant better that not everything that goes down the throat is supposed to be eaten. Not everything is food.
There's a movie called Ratatouille from Pixar, that explains it very well.
I think it just adds this mystical fantasy-like element to a cake when everything is edible. It ups the cool factor of the cake by 150%...anyone can make a bow out of ribbon like I did for this cake (attached pic, but really bad lighting since I took the pic before the lady met me to pick up the cake in the car! haha)...
I have some leftover fondant...I'm going to try the 50/50 combo with the hanging on a dowel ... and will DEFINITELY let it dry this time!
The cupcakes went with the cake...same order.
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