How to I achieve this overlapping look (bottom tier)??

Should I cut the fondant first? I'm not wanting to cover my seam with black pearls, but am nervous as I've never done this before.

I do it this way...roll out fondant. Take a cake pan that is 4" larger than the tier you are covering and trace the circle of the pan onto the fondant. For a 6" tier, trace a 10" pan. After you cut the circle, cut waves up and down around the perimiter to get the waved look. Put the fondant on the cake to see if you like the pattern you did. If yes, than stick it to the cake. If not, take it off and cut until you get the desired look. Hope that makes sense!

Awesome!!! Thanks SO much!!!