Players first to discover new Planets an Species in No Man's Sky will have the option to name their discoveries. These naming rights may be exercised by discovering parties, who will provide a colloquial nickname.

Naming a Planet
To name a planet, navigate to the knowledge base upload menu by pressing Options on the PS4 controller. On the left side of the screen you'll see a list of planet's you've discovered. To rename a planet, highlight it and hold the Triangle button on the PS4 controller. This will bring up a renaming menu. Name your discovery and you'll be rewarded with prestige and a little cash.