So here's the template they used in UTF
Item Name:
Item Description: It's history, game description, story aspects.
Effects: In simple terms what it does.
Item Type: (weapon, armor, artifact, exotic, trade good, etc)
Value: Approximate credit value.
How to get it: Where do you find it? Bought in special ports? From a quest?
Some ideas I pitched up in UTF.
Item Name: Nanopod™
Item Description: A unique vintage gadget that was once used to play music files and videos now costs more than some rare gems themselves.
Effects: None
Item Type: Trade Goods Only
Value: 2000(Ringers) 12000(commonwealth) 6000(black market)
How to get it: Random Loot from high end ships/stations, or randomly destroyed ships that are scattered in maps... Or by killing scavenger ships(maybe)
Item Name: Cloud Seeder
Item Description: Was made by a tinker rivaling Hiro himself, though his name remains a mystery. One of his inventions was the Cloud Seeder, which when installed into the ship's engine would enable nebulae vaporization, turning nebulae clouds into fuel when the ship flies above it.
Effects: Rather than deplete gas, it would refuel gas while you fly above nebulae clouds.
Item Type: Item Upgrade(you know, those weird information chip thingys)
Value: 15000
How to get it: From an enemy in planet with nebulae clouds. Slavers mostly. Destroyed transport ships. Korolov shipping questline(when you get to be the legendary pilot they have)
Item Name: Private Settlement
Item Description: A small settlement that you rightfully own. Inside is a kitchen, a living room, a bedroom, and a bathroom. Lightings and furnitures included. Spare keycard included. Ease of installation designed for full-time space travelers.
Effects: Acts like an unused armor that you can drop anywhere. You can dock on it, and when you dock on it it acts like a cargo hold and resting place for your character(gas won't be consumed while you are here) and your crewmates(adds a command to 'Rest' when a settlement is in that galaxy). You can also loot it back if you want to change locations(but the settlement should have nothing inside, else it won't be repacked). While inside you can watch the news, take a bath, eat(only if there is food on the settlement's freezer), sleep(which would make your character randomly dream about stuff), or talk to your crewmates. This adds a more 'RPG' feel into the game.
The news would vary greatly, depending on what you do. Example you saved the korolov station from the charon pirates at the charon space system, the news would appear when you watched the television, or while it's under attack. Or when you win the arena, or when you cleared up a whole space system of all the enemy space stations.
Talking to your crewmates would also give a little backstory in them(example would be to volkov telling a story about his missing wife, or just murmuring them).
Item Type: Consumable. Can be used as long as it's not destroyed.
Value: 150,000(commonwealth) 200,000(black market) 50,000(ringers)
How to get it: You buy it from commonwealth, black market, or ringer stores. If not, you get it from them through a quest.
Commonwealth houses would look bland and have whitish color, black market would look... black market-ey, with the dark metal coloring and all. Ringer houses would look glassy n stuff.
If possible there could also be a korolov settlement(bigger cargo hold plus can have an auton that would act as a trader, which would sell the items in your settlement's inventory when you leave items there for at least 40-60% of their selling cost) and military settlement(has defense system, can be equipped with weapons and armor, like an immobile space ship)
Item Name: Commonwealth Glasscutter
Item Description: An advanced weapon that even the military considers a threat themselves. The Commonwealth Grasscutter would pierce through any defense, any ship, but deals a very weak damage. Though being able to cut a ship in two makes up for that. The efficiency of the weapon is also very convenient, seeing as it only takes 30MW to power it up.
Effects: A simple laser weapon that beams forward(means that it shoots in a straight line, not like the bullet type with spacings), passing through enemies and ignoring their shields. Has a weak damage but can sometimes instantly kill an enemy ship if the laser hits the ship fast enough in a slash-like attack.
Item Type: Laser Weapon. Possibly Military.
Value: I don't know how to price weapons.
How to get it: Through Military stores, Infirmary prize, Black Market, Ringers.
Item Name: Prey
Item Description: Yet another invention from the unknown tinker that rivals Hiro himself. The Prey is a weapon that literally 'salvages' an enemy ship's part, stripping it off from the ship's body.
Effects: The weapon acts as a missile launcher that charges itself with electron-charged particles, which when it comes into contact with any metallic material, would turn it's magnetivity to rapidly increase and decrease, setting off a minimal "gravity bomb" that, in turn, would strip off parts of the ship away from it, or destroy it in the process.
The missile launcher charges every 5 seconds, giving off a max of 50 missiles in it's arsenal. When a missile is shot, it appears like an Ares Lightning Cannon's ion attack. When it hits an enemy, there is a chance that a part of the enemy would be stripped off, leaving some sort of debris or cargo box behind him. If not, just flying bits of metal would appear around the enemy. The cargo box would be indestructable and cannot be picked up for a few seconds after it was 'salvaged'. the animation would be that the cargo box would be electrecuted.
The missile has no damage, but it would have if it suddenly removes every single part of the enemy's ship. It's possible, but the salvaged parts would still end up in three ways, "in good condition, damaged, or destroyed".
Item Type: Missile Launcher(physical damage type)
Value: I don't know how to value weapons.
How to get it: From salvagers, Ares fleet, Black market, Ringers, etc.
tem Name: Advanced Solutions and Messages 3ncrypter (ASaM3)
Item Description: Unlike the Quantum PC, ASaM3 is used mainly by hackers to alter datas and coding from memory cubes and the like, enabling them to have the power to read the contents of it. It was illegal when it was introduced to the public, but since everyone found it to be quite convenient in most cases, the ban of it's use evaporated.
Effects: Enables reading text from quantum arrays and memory cubes(and the likes)
Meaning the memory cubes and quantum arrays would now have uses, but mostly would just be full of stories that have no connection to the game whatsoever. Maybe a questline can be added where you suddenly unveil a mystery from reading tons and tons of quantum arrays, maybe about aliens, or the Iocrym and stuff.
Yes, it can fail at reading what's inside the cube. Maybe a foreign language or random gibberish. Or maybe add a twist and put chinese/japanese text inside them.
Item Type: Sort of like the Quantum PC(I forgot what it's called)
Value: 12,500
How to get it: Anywhere. It's not illegal and is common.
Item Name: Lambanog of the Oriental Pearl.
Item Description: A rare type of alcoholic drink that's sort of a weaker type of vodka. Ringers loves these, not for the taste but because of the price.
Effects: Nothing. Sellable loot.
Item Type: Random loot.
Value: depends. can be sold to ringers.
How to get it: Ice Farms, high level pirate ships.
Item Name: Himagsik.
Item Description: A rare weapon rom made by the anarchists scattered all throughout the space. The quality of the effect of the rom varies differently, and it's use is illegal anywhere in space.
Effects: Gives random enhancements to weapons(Efficiency/damage/speed/etc.) and the percentage of buffs that it might give can go up to 110%(in damage only) Efficiency can go up to 60%. It can also malfunction and destroy your weapon, or do the opposites, rather than buff your weapon, it might nerf it.
Item Type: Weapon upgrade(rom)
Value: 1000-3000
How to get it: Has a chance that it would be given to you by a space station that you will save. Black market. Illegal trade ships. Random ships in space, Anarchist camps, etc.
Item Name: Kadi-Liman
Item Description: A weapon made by a once prominent asian race from earth. The weapon turns any damaged material into cable wires, which when used links the ship onto an enemy's power source, stealing all of it's remaining energy, effectively shutting off it's power supply. It's production has long ended, but at recent more and more of them have resurfaced throughout space.
Effects: Turns any damaged materials into useable cable wires(the quantity depends on how much weight the item has) which is used as ammunition by the Kadi-Liman. When an enemy gets 'hooked' by the wires, it shuts it's main power, and when you dock into the ship, enemies can either surrender to you, or kill you, or you could attack the ship little by little first until they surrender. When they surrender, they would give you more than what the ship has, and all of the items they will give would be undamaged.
Example, you can get items such as the reactor, the ship's main weapon, all of it's armor, etc, without any damage at all. Along with drugs, slave coffins, military badges, gems, etc.
And also, when they surrender, a commonwealth ship would arrive, and would thank you for making them surrender 'and' leaving the spaceship undamaged.
It could lead out as a military mission if ever. Where after obtaining Kadi-Liman, you can be assigned to salvage more 'undamaged' ships to study it's mechanical composition, for military purposes unknown to you of course. And if ever, you can change your ship into one of the ships that you can salvage, meaning this weapon 'would' be the best weapon if you get bored of your current ship design.
Item Type: Weapon. Missile launcher type.
Value: No value. Priceless.
How to get it: Random, luck.
This can be closed if ever an Item Ideas thread has been made already.
I mean some of the ideas a great, but its up to modders to add them really - so I Suggest you get modding. 
