This will make the game a bit more... Hard? Challenging? Dunno what word to use.
So my idea is, that when we start the game, we can hold only a few items UNLESS, You have a backpack which I will explain.
So backpack space will vary on the materials you use.
Flax Backpack - 50 flax
For me, I don't think onyx or diamond would be used to make backpacks.
So because of this, it seems that you can't hold everything you want.
But no, now chests will have a use. If the devs will add a use them.