Essence of Luck vs Magic Find - Returning Player Question

I am a returning player and am confused about the difference between Essence of Luck and Magic Find. I don't understand what either is or how it helps or what I should do with the Essence of Luck I receive from daily logins. Please help. TIA

When you consume Essences of Luck, you increase your Magic Find:https://wiki.guildwars2.com/wiki/Magic_Find

300 is the maximum you can reach by consuming said Essences, you can gain additional Magic Find through Achievements and Achievements Chests rewarded for leveling your Account Points. Open the Hero Panel and select the Achievement tab, then scroll down to the right to see your current values (hover over them for further details).

Thank you. What do you do with the Essence of Luck after you hit 300 magic find? Sell it? How does having 300 magic find benefit me?

@marz at play.9624 said:Thank you. What do you do with the Essence of Luck after you hit 300 magic find? Sell it? How does having 300 magic find benefit me?

Save it. You can donate it to Guilds that are leveling up Halls, or donate to a guild for decorations OR you can also save it up and each year during Lunar new year you can use it to buy things off certain merchants and do achievements.

It takes ALLOT to reach 300%. After a while iirc it takes about 30k Luck for each percent increase. Also Magic find canbe CRAZY high with boosts for what its worth. SilverWastes map gives 3 stacking magic find boosts + you can get many other boosts. with 300% MF + all the boosts you can get Magic find all the way up over 1100 Magic (not a typo).

@Moradorin.6217 said:It takes ALLOT to reach 300%. After a while iirc it takes about 30k Luck for each percent increase. Also Magic find canbe CRAZY high with boosts for what its worth. SilverWastes map gives 3 stacking magic find boosts + you can get many other boosts. with 300% MF + all the boosts you can get Magic find all the way up over 1100 Magic (not a typo).

you can reach cap magic find if you work for it: buy ectoplasm, salvage it, consume the magic essences acquired and sell back the acquired dust, repeat until it gets maxed, and it won't even cost you much.

I've only regularly play and level my magic find, and despite hundreds of gameplay hours, just recently I reached 250% magic find.

To OP, what good is magic find for? For the most part it functions at mob kill time to determine the quality of the loot. At higher values, the player will significantly see more yellow drops rather than greens or blues. It doesn't apply when opening loot bags, though (unless otherwise specified by the item's description).

Thank you all for your help.

@marz at play.9624 said:Thank you. What do you do with the Essence of Luck after you hit 300 magic find? Sell it? How does having 300 magic find benefit me?

During the Lunar New Year festival you can trade Essences to Drooburt's Ghost for a tiny bit of gold but it's pretty tedious.

I've had over 300% MF for years and I would say it has made little difference. This is especially true since ANet keeps making more and more sources of loot unaffected by MF.

Sorry to disagree. Is MF a scam.? It doesn't work at all. Many players without MF have seen precursor drops... And not just one... several!!!... in a week's period as guild mate of mine. I have also met others that have "just started" the game and claiming stupid amounts of ascended drops...Sorry, I apologise for the rudeness but... yes... Is it a scam?

@Khisanth.2948 said:

@marz at play.9624 said:Thank you. What do you do with the Essence of Luck after you hit 300 magic find? Sell it? How does having 300 magic find benefit me?

Yeah, pretty much just effects monster drops mostly..

Boss chests, fractal loot, meta rewards, opening champ bags and unidentified gear.. doesn't effect any of that stuff which is what 99.9% of all the good loot in the game is mostly found in and where Magic Find would actually be useful.

The only exceptions are Silverwastes chestsDivine Lucky EnvelopesAnd a small number of containers specifically named loot box or cache from HoT and reward tracks which actually state they are effected by magic find.

The MF% is misleading as well, having 300% MF doesn't mean you are 3 times more likely to get good loot.. apprently you need 1000% magic find to double your chances.300% really isn't all that much of an improvement over none at all..And then there's the fact that MF only effects loot tables! not what's actually in those tables so even if you get lucky and roll high thanks to MF and your loot has the potential for super rare and valuable loot, vast majority of the time you're still going to end up with trash rares or some worthless exotic that doesn't even hit 80s on the trading post.

So yeah.. Magic Find is basically a trash feature of Gw2 that serves very little use anymore outside of Silverwastes farming and lunar new year festival.It's not worth buying ecto to max it imo