First, mask around the knobs.
I use Golden Self-Leveling Clear Gel as both adhesive and final coating. It holds up well. I’ve had a set of these drawers in my bathroom for years, and the knobs are still fine. Since these particular knobs are a little rough in texture, it holds the gel and doesn’t flake off.
Tear up bits of paper. Thin papers that are easy to mold around things when wet are best. This here is Nepalese Lokta (a fabulous all-around paper). Various Japanese papers work great too.
Brush on a coat of the self-leveling gel.
I recommend wearing rubber gloves—it makes this much easier and neater.
After you’ve completely covered each knob, let them dry overnight. At this point, you could finish up by applying another couple of coats of gel, drying completely between each one. However, I had some nice Italian paper sitting around, so I thought I’d add a final touch with it.
I cut out pieces shaped to fit on the knobs, and adhered these on top using the same self-leveling gel. I then brushed another coat of the gel on top. I left them to dry overnight. I then added another couple of coats, drying thoroughly (preferably overnight) between each.