I remember that in TES 4: Oblivion, there was no permanent storage until you could afford a house, so your inventory tended to get more and more cluttered until you sold enough stuff. I made a mod that let 1 merchant in each of the towns sell you a storage chest. It was pricy, but more affordable than a house.
In Divinity 2, I also got overburdened with a lot of stuff before I was able to reach the battle tower - mostly potions, ores, gems and plants. I finally learned to only pick up the plants and ores that would make enchantments useful for the character I was playing.
If the game world is large enough to warrant it, perhaps in Original Sin, you could buy or rent storage space in some towns. (Preferably near crafting stations so I can dump off all the crafting ingredients I've collected. I wouldn't mind if it only held crafting ingredients - that way if you pulled off a Broken Valley and flattened the village, I wouldn't lose anything too valuable.)
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Lotrotk, I really don't know what to say to someone who actually thinks it would be a good idea to have random items fall out of your inventory and be lost forever when walking around or swimming. Hint: That is a bad idea. Here is how it would go:
Gamer: "Dear Larian Studios, I wish to report a bug: after spending 80 hours searching, I finally found the Ebony Cuirass of Super-awesomeness to complete my set. I didn't put it on right away, and by the time I got back to town it had mysteriously vanished. This is a terrible bug."
Larian: "Dear Valued Paying Customer, that is probably not a bug. There's a random percentage chance that things in your inventory will fall out through holes. That chance is increased when swimming. Your item is gone forever. Thanks for playing!"
Gamer: <Swears so hard the paint peels off his walls, Smashes his keyboard with an axe, and carves a blood oath into his arm to never buy a Larian game again.>