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In your basement, you don't have to worry so much about attractive storage options, so feel free to use perforated backer board at will. This is the board that you can mount on your wall and has many little holes in it. You can use hooks and hang hand tools and other useful items. This is a great application of vertical space.
If you want to use this concept in the kitchen, consider using stainless steel mesh or a grate. Mount this on a kitchen wall and use hooks to hang utensils, pots, pot holders and aprons from the wall. The stainless steel will give a great clean and modern look and you'll use vertical space to your best advantage. This and a ceiling mounted pot rack will go a long way in a small kitchen.