Yep there is, I keep the in game hints or tags on so whenever you scroll through your hotbar, the item name pops up briefly, very useful just for a quick glance.
The option is under the options tab when you press start. Just change your in game hint settings.
My Github ด้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้дด็็็็็้้้้้็็็็้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้
Put hints off in the Options menu
The option is under the options tab when you press start. Just change your in game hint settings.
Look above my hotbar
He wants to know how to turn it on, but it does't exist in the xbox version yet.
My Github ด้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้дด็็็็็้้้้้็็็็้้้้้็็็็็้้้้้็็็็็้้้้้็็็็็้้้้้
Yes it does