Yes. While a few basic items can be purchased in the game, the majority of items and the ownership thereof is disabled. If you aren't holding an item, it isn't "yours" as the server is concerned.
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"May the Grace of Ara go with you, and His Vengeance be wrought upon your enemies."
Items can be bought from the Shop facility, which should be found in almost every starting city. They are 2000 credits each, bought from the NPC in the control room. When you buy them, they drop to the ground and you can pick them up. But you only "own" them as long as they are in your possession. If you drop one and walk away, another character can just pick it up. If another character has dropped one, and you pick it up, it becomes "yours" as long as you are holding it.
That said, I have heard there is currently a bug with the item creation script, so you might want to be cautious when trying to buy items. There's not much you can do with them anyway right now.
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"May the Grace of Ara go with you, and His Vengeance be wrought upon your enemies."