It’s not our idea, but when I saw some really BIG (50 mm) paperclips in the corner bookstore, I bought some of them, too. We also used felt and a colorful ribbon.
Measure a piece of felt in proportion to the paperclips you have at hand. Cut out the shape of the skate – it looks like a sock.
Stitch the skate closed. Don’t forget to add the ribbon to the upper part so you can hang your ornament.