knickknack vs novelty

knickknack and novelty both are nouns.

Word	Noun	Adjective	Verb	Adverb
knickknack	Yes	No	No	No
novelty	Yes	No	No	No

As nouns, knickknack and novelty are synonyms defined as:

knickknack (noun)	novelty (noun)
miscellaneous curios	cheap showy jewelry or ornament on clothing
a small inexpensive mass-produced article	a small inexpensive mass-produced article
	originality by virtue of being refreshingly novel
	originality by virtue of being new and surprising