Equipment not only comes in different types (e.g. Whips, Elements, or Daggers) but different tiers as well. As a new player, your goal should be to get to level 20 while at the same time improving your equipment. Generally speaking, the harder the enemy the better the loot you will recieve when slaying them. There are currently 10 tiers of weapon, 6 tiers of abilities, 5 tiers of armors, and 6 tiers of accessories. A tier 10 weapon is going to do a lot more damage and be worth more than a tier 5 weapon, for instance.