The house in which I grew up had a narrow walk-in pantry featuring traditional pegboard along one wall. My mother hung some of her cookware on it. The remained was stacked on shelves. I also remember her keeping a stash of magazines from decades past lining the floor under the shelves, just in case there was an interesting recipe featured in one of them.
I love the look of the large craft pegboard. You could create your own work of art. I’d worry about my thread and stuff getting dusty though.