I actually like the idea, maybe title can be unlockable features like those achievements on Video Games. Of course we should have some normal title like The Trader, The Watchman, ... which you can acquire buy doing some sort of everyday job. But also we should have a range of title that you can be given by a higher authority (your guild leader maybe). Finally, a list of title for those who (are game-crazed and have enough time) distinguish themselves throughout the course of the evolving world.
A honor/ notoriety - rewarding system should be implemented to go handy with corresponding title.
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