Iceland may soon be known as 'Let's Get Lost Land' or 'Isle of Awe Land' after the two monikers were shortlisted in an online contest to search for a name that best describes the country.

The competition "Inspired by Iceland" launched by the country called for suggestions on a new "name" for the country.

Two finalists have now been chosen from the 25,000 entries that flooded in - 'Let's Get Lost Land' and 'Isle of Awe Land'.

Jon Gnarr, mayor of the capital Reykjavik, said while it won't replace Iceland's official name, it will provide inspiration in how it's marketed, reported.

"A country's name is its identity but that doesn't mean it describes it in the right way," Gnarr said. Other names submitted included 'Best Place to Grow a Beard Land', 'Niceland', 'Pureland', 'Enchantedland' etc.