Like the chained pens at reception desks in the real world, tools can be chained at specific locations so that they can’t be misplaced or stolen easily.
In servers with a good sense of community newcomers often find themselves asking to borrow hammers/chisels from the established players. Using the already available ‘wall hooks’ (which currently don’t really have a good use), established players can chain up a hammer can chisel next to the carpenter bench/anvil/deconstructor. A ladle and a cauldron might also be chained to the fire pits at the tavern for example.
Personal twist (optional)
For balance reasons I would say that these chains can be removed with the right tools. Maybe the most basic chain could use dried grass as a rope. Chains made from better metal can be longer but require tools made of the same metal or better to be removed. If magic were ever a thing there could also be a magical tether that’s a step up above everything else. These chains would allow for the freedom this game offers but would stop unknowing newbies from just taking off with the tools.
Tied tools should not despawn but still take damage. Considering dangling items with physics might cause some lag issues it might also be a good idea to have them dock automatically to the wall hooks once they are not in use (like torches in torch holders).