how does minecraft:item_name in recipes work?

Hi, im making a recipe right now and i managed to create a custom texture for my item so now i want to give it a custom name with a light purple color. "minecraft:item_name": "Magic Wand" Does not work. I read theres some raw json thing that goes something like {"text": "Magic Wand", "color": "light_purple"} which does not work either and im not sure what im doing wrong.