Rent a bicycle and ride through the villages and rice paddies around Nyaungshwe

Explore the five-day rotating market (check schedule; different lakeside villages host it on different days)

Trek from Kalaw to Inle Lake (2-3 days, $30-40/person guided, through Shan and Pa-O villages)

Visit Nga Phe Kyaung Monastery (the "Jumping Cat Monastery") on the lake

Watch sunset from Red Mountain Estate Vineyard & Winery (wine tasting $3-5, 20 min by bike from Nyaungshwe)