Better options, and other ideas!
Press tab: to see a list of players
Advanced: adjust resolution (full screen and etc.)
Music Option: add a feature where players can add their own custom music, or choose some music that you put in selection, or even radio stations.
Vehicles: Boats, cars, and maybe even bikes.
Weapons: A larger variety of weapons and clothing, maybe even add particle affects to the wizard hat.
Achievements: Like "Getting Started!" or "That new look."
Servers: Players having the chance to create their own servers, making their own custom plugins for them and stuff.
Creatures: More creature to slay, and even bosses.
Drops: The creatures have a chance of dropping small or even rare items depending on how you kill them.
Trade: Trading items you don't need.
Banks: Storing items where you don't want to loose them, or you could store cash.
Mini-Map: A mini-map option to drag along the screen, and to lock it in place.
I hope you will choose one of these :D
Superman(Because why not?) commented
At least a little of this is a cheap rip off of Minecraft...Dude, be original.
Also, Trading is already in the game and you can store gold in safes. PLAY THE GAME BEFORE YOU SUGGEST!