Bit Kid

I recommend taking a page out of the Diablo school of naming the toys, like adding affixes to the loot. It doesn't have to be super fancy like 'Of the Jackalope' or 'Of the Raven', but something like blues get a suffix, while gold gets an prefix and suffix.

Like for example, I got a pretty nice gold/yellow ring this play through, which buffs luck and con, so I could see it getting called "Lucky Ring of Fortitude." Simple to the point and tells you what you need to know.

I approve and support this Idea! But it would be best to keep it simple and clever.

The thing is that you have to fit the name into 16 characters.

Maybe some symbols/colours instead of lengthy affixes, then?

To be honest I don't think that it is a good idea / is needed. Not every single item in the game must be fancy...

Plus, if the game is going to be translated to various languages, these fancy names will cause a headache to translators.