From Ymirheim Wiki
Equipment is a list of items that a player's character can use to increase its stats/attributes.
Equipment pieces are classified according to the following table of rarity levels:
Equipment can be obtained from the monsters, crafted or bought from NPCs or players via the trade feature or via the Auction.
The equipment breaks over time and needs to be repaired via the blacksmith NPC.
Some equipment pieces may require specific values of some stats to be able to equip the item.