A clear step-by-step for a feature wall: find the studs, cut to height, glue and screw through the felt, level, butt the panels, and finish the edges.
Find and mark the studs, cut the panels to your wall height, apply construction adhesive and press the first panel on dead level, then drive finishing screws through the felt gaps into the studs. Butt each following panel tight so the slat spacing stays even, and cap the edges with trim. It's a realistic weekend project. Get your panel count first with the calculator.

Wood moves with humidity. Let the panels lie flat in the room for a day or two before installing so they settle to the room's conditions and don't shift after they're up.

Run a stud finder across the wall and pencil-mark each stud, top and bottom. Your screws go into these through the felt backing. Adhesive alone can hold light panels, but studs are what keep a heavy slat wall tight for years.
Pick your starting edge and check it with a level. Walls are rarely perfectly plumb, so decide where any trimmed edge should land, usually in a less visible corner. If your wall is taller than one panel, plan the horizontal seam for the second row now.
Measure your wall height and cut each panel to fit with a fine-tooth blade. Cut from the felt side so the wood face doesn't chip, and dry-fit before committing.
Run vertical beads of construction adhesive on the back of the panel (or the wall), following the tube's coverage instructions. Keep it back from the edges a touch so it doesn't squeeze into the seams.
Press the first panel to the wall and check it with a level before the adhesive grabs. This first panel sets the line for everything after it, so take your time getting it plumb.
Drive finishing screws through the felt gaps between the slats into your marked studs. Seated in the reveal, the heads disappear. A few screws top, middle, and bottom per panel are plenty alongside the adhesive.
Fit each following panel tight against the last so the gap between slats stays consistent across the seam. Glue and screw each one the same way, checking level as you go.
With the power off, measure and cut openings for outlets and switches. Then cap the exposed side and top edges with matching trim or molding, and caulk or fill where needed for a seamless, built-in finish.
With construction adhesive plus finishing screws driven into the studs through the felt backing. The adhesive holds the panel flat and the screws give a permanent, rattle-free fix, with the heads hidden between the slats.
Yes, for a secure install. Screwing into studs through the felt keeps heavy panels from loosening over time. Locate and mark the studs first, and glue between them.
Yes. Trim them to your wall height and width with a fine-tooth saw, cutting from the felt side to keep the wood face from chipping. Finish exposed edges with trim or molding.
For a single feature wall, yes, a realistic weekend DIY with basic tools. Tall walls needing a second row, or lots of trim and electrical work, are where a carpenter starts to make sense.