Earning Col
Col is the game's currency. Unfortunately, defeated monsters and bosses don't drop col. You can only get exp and materials from them. The EXP you can get from mobs will scale to your level so you won’t get that much exp from mobs if you’re already 2-3 levels above them. The materials they drop can either be used for enhancing your equipment or surrendering them for “Gathering Drops” repeatable quests from other players.
You can also earn money by selling old equipment and finding [Sellable] items from harvesting points. Some normal quests have col reward but this is one time only. Col is needed to buy consumables, food /drinks for dates, and more importantly for enhancing your equipment.
The game encourages chest looting and exploration to get better equipment. In every area, there are sealed chests that are protected by a group of higher-leveled mobs or a mini-boss. Defeating them will remove the seal, allowing you to loot it. These sealed chests usually contain rare equipment and can be farmed multiple times (by revisiting the area again) for a chance to get a better variant of the same item. There are also regular “episode” quests that will appear in the map where you have to defeat a group of specific enemies or a boss within the marked area. Completing these events will yield ores, which are primary ingredients for enhancing equipment, and a small amount of experience. For some specific episode quests, reward chests containing rare equipment or items will appear as well.
Be careful when reporting in Gathering quests and completing errands for other players. There are other quest givers that will give you the same amount of Col for collecting rarer materials that are quite hard to come by as to those requesting for common materials. If the material in your possession is very low in number, it's most likely a rare material that you could've used in enhancing your equipment instead.
Chests
There are different chests in the game. By default, their locations will be displayed in the map. Normal black chests can only be looted once. The blue chests in the map are Sealed Chests. You need to defeat the surrounding enemies to make the chest available for looting. Their contents are somewhat randomized but they're quite valuable nevertheless. Red chests in the map are also sealed chests but they are guarded by a mini-boss that you can see in the stage details of the area. They contain the same item but the variant, stats, and rarity may vary per loot.
Changing areas will usually respawn the mini-boss so you can defeat it and loot the chest again. There are also chests that will appear only after completing episode quests or event fragments. They are not marked in the map.