This is an easy teabag fold that looks great in lots of different ways.
Start with 8 squares of paper. 1-7/8" or 2" work wonderfully, though larger or smaller will work, too. For the example, I used 1-7/8".
The following picture shows each of the folds in order, I'll detail after.
1. Have the back side of your paper up with points up, down and sides. Fold one side point to the other side, crease and unfold.
2. Fold the two, lower edge sides up to that center fold line and crease.
3. Fold the top point (unfolded area) down along the top of the folded over pieces. Unfold.
4. Take the top two edges and fold them over to meet the center fold line.
5. Take that top point (sides are now folded in) and fold it down along the fold you created earlier (along the top edge of the folded bottom section). It will come slightly below the folded over edges.
6. Flip piece over and fold the bottom point up to the center fold line between the to side/mid points.
7. To attach pieces together, make sure it is still in the position you created last and tuck the bottom left edge into that tiny pocket formed by the last fold on the left side. You will be covering the right side. (It sounds difficult, but is easy.)
I'll show the backside below. Depending upon the papers you use, you can have any sort of embellishment you want.