How to cover up imperfections on a drywall wall?

I have a small room that we just took off wallpaper and there are some imperfections in the drywall underneath--such as sunken nail heads, places where the wallpaper took off some of the drywall covering.... We don't want to put up new drywall. I was thinking of maybe put some wall affect to cover up the imperfections. Any ideas??

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