Looks really nice. Reminds me of Daemons work when he use to post here.

The two dots on the tassel kinda caught my eye though. Have you tried seeing how it would look without that middle circle in it? You could even cut up the i a bit vertically to make it look like a stringed tassel.

I've been out of design for a while so you can take this in one ear and out the other.

Also, you said there was something in the negative space?