So all that I had to do was to sand down the entire nightstand.
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I then took some white paint and some dark blue paint that I had around the house and proceeded to paint the entire nightstand.
I then painted the knobs on the drawers. And whala! You have a totally updated nightstand for your bedroom. Check out the link above if you would prefer to just go with completely new type of knobs for your nightstand transformation. Check out pictures below of my nightstand after it was done.