Marshmallow fondant is super easy, inexpensive and tastes good. It also covers a cake nicely and can be used just like the more expensive store bought ones. If you tend to shy away from making fondant I recommend giving this recipe a try.
The video shows you how to make batch of marshmallow fondant. The ingredients and method are below this video.
Microwave the mini marshmallows and water for 40 seconds. Stir until it starts to smooth out. You may need to microwave it another 20 seconds to get it really smooth. Measure out the sugar. Add 3/4 of the sugar to the melted marshmallows. Stir until it comes together. Rub some shortening together in the palm of your hands. Work the remaining sugar into the mixture. Test by pulling on it to see if it's sticky. If it is than add more sugar until it's no longer sticky.
This video takes you from preparing your cakes to finishing them smoothly. Watch the video in full and then give it a try. This does take some patience and practice. Don't get discouraged it it isn't as perfect as you like the first time.