Loot

Loot Chests
Loot Chests appear in various locations in the map. They have tiers ranging from tier I to tier IV which indicate the quality of the chest. Loot chests contain various types of items in them, including emeralds, common equipment, unidentified weapons, unidentified armor, potions, crafting materials and even accessories that are exclusive to tier III and IV chests. As a general rule, the more difficult it is to get to a loot chest, the higher tier it is and more valuable the loot inside shall be. When loot chests are left untouched for longer amounts of time, the better the loot will be.

NOTE: Loot Bonus will increase the quantity of the items in a chest. Loot Quality will increase the chance of getting good items and decrease the chance of finding normal and unique items.

Unique Items
Unique items are the second-most common type of items. These items have increased stats compared to Normal items and can be worth more when trading with other players. Unique items can vary, and there are many different variations of the same standard item. Finding the one you want can be hard, so trading with others is a key element in obtaining the item you desire. Unique items can be identified by their yellow item tag and the words "Unique Item" in the lore.

Rare Items
Rare items are less common than those that are unique, but appear more frequently as loot than legendary items. They often drop with middle tier stats, and are recommended for bridging the gap between low and high level gear. Rare items can be identified by their magenta item tag and the words "Rare Item" in the lore.

Set Items
Set items are dyed leather armour and accessories that can be extremely powerful when combined and are specifically obtained through various means (such as trading with NPCs, killing certain mobs, or completing a quest/dungeon). While some set items can be relatively easy to find as mob drops or loot, others such as the Clock Set require players to go to great lengths to acquire.

Legendary Items
Legendary items are extremely uncommon loot; that can only be obtained by mob drops and loot chests. They often have higher stats and better identifications than other loot due to their low drop rate and are worth more on the player market. Legendary items can be identified by their light blue item tag and the words "Legendary Item" in the lore.

Fabled Items
Fabled items are more powerful and rare than legendaries, but less than mythics. They often have Major IDs, and can be identified by their red nametag.

Mythic Items
Mythic items are the rarest weapons in Wynncraft as of the 1.14 "Gavel Expansion" Update. They have a 0.0007% chance of dropping and can be identified by the purple nametag.

All mythic items correspond to specific builds (Fire, Rainbow, Loot Bonus, etc.).

Discoverer, the current only mythic chestplate, can only be found in tier 3 or 4 loot chests.

Mob Drops
Mob Drops are common items obtained from killing monsters, animal, and some npc's such as town citizens.

Since the 1.18 update, mob drops differ according to the location. However, armour, weapons and powders do not.

Rare Drops include: Powders, Red Wool, Pink Wool, Pumpkin Helmets, and Rare or Legendary Items, as well as Depressing Weapons used for the Bob's Lost Soul quest.

Daily Rewards
Daily rewards can be found in the player's compass. After looting the daily reward, you must wait 24 hours before looting it again. You can increase the loot of the daily rewards by looting it actively, up to a streak of 5. Daily rewards are based around your player level, so the higher leveled you are, the better armour and weapons you can receive.

Trivia

 * Lootrunning is a popular end game money making method which consists of running through a route while opening chests with Loot Bonus/Quality identifications.