Won't last long. If you have kids or pets, forget about it. Better off painting whatever you currently have.
A lot of Hometalk members have posted projects of their paper bag floors that they created. Check out the link below to see what others did. Just know that in order for it to last, you must apply many layers of a tough sealer to finish the project. That's what makes it work. Some people even put a new layer of sealer yearly to keep their floors longer. I hope this helps you. Wishing you the best.