I like the concept but there’s just too much going on. I’d suggest making it a bit more simpler so people could tell what it is just by looking at it.
Don’t add too much details 'cause it’s going to look a lot messy and maybe work more on your shading…?
I don’t know but you seem to have use the same colors with both the top part and the bottom and it looks weird.
Try to look or study how Pixel Worlds’ shade their items, you would see that pw’s designers doesn’t just guess on where they should put their shadings in. The light source should be on the top, so the top part should be lighter and the bottom part darker 'cause it’s blocking the light. Don’t be afraid to use pw’s items as a reference too, it’s going to help you a lot with shading.
Hope this helps!