Mastercraft

Mastercraft armor and weapons are exceedingly powerful sets of items that typically confer come extra benefits on the bearer if they are wearing/wielding the full set and have the set's associated pet out (if there is an associated pet to the set). Every year there is a "yearly mastercraft set" released, this may not be the only mastercraft set released in a calendar year.

Mastercrafted items have extra power, versatility, or abilities which are paid for by having a higher price than normal items, instead of having penalties which would otherwise balance out the item's power so that it remained roughly equal to other normal items. A normal weapon with a trigger could deal 110% damage to undead, 95% damage to normal monsters, but a Mastercrafted weapon would deal 110% damage to undead and 100% damage to normal monsters, in exchange for having a higher price. That is Mastercrafting, partner. Accept no substitutes.[Source]

For example, wearing the dragon knight's hide and the dragon knight's crest, and wielding the dragon knight's scales and the dragon knight's fangs grants access to the fire breath ability and the half-dragon transformation skill; wearing/ wielding those items allow the dragon knight's familiar to inflict bleeding damage on your foes.

Mastercraft items usually confer higher defenses than normal and are difficult and expensive to obtain. Their price is 10% higher than an equivalent non mastercrafted item.

Quests for nine of the Mastercraft sets can be accessed from Warlic's shop:
 * The Nemesis Set
 * The Solaris Set
 * The Dragon Knight Set
 * The Chimera Set
 * Geocastellum Set
 * Fujin Set
 * Celtic Set
 * Osiris Set (and Scarab Set)
 * Dessert Set

List of Known Mastercraft Sets

 * Morningstar Set (accessed from the world map, near Darkovia) (Earth Armor)
 * Horo-show Set (accessed from the 10th Anniversary quest click on twilly then click Anniversary Events (Ice Armor)
 * Fujin Set (accessed from Warlic's shop) (Wind Armor)
 * Communicant's Set (accessed by travelling to Alnaphar and then clicking on the rainbow) (Light Armor)
 * Overlord Set (accessed by travelling to Alnaphar and then selecting the appropriate option) (Fire Armor)
 * Twilight Set (accessed by travelling to Alnaphar and then selecting the appropriate option) (Darkness Armor)
 * Kindred Set (Map>Travel East>Kindred Set on Paxia Island) (Water Armor)
 * Taladosian Set (accessed near Deren) (Energy Armor)
 * Nemesis Set (accessed from Warlic's shop) (Ice Armor)
 * Solaris Set (accessed from Warlic's shop) (Light Armor)
 * Chimera Set (accessed from Warlic's shop) (Earth Armor)
 * Dragon Knight Set (accessed from Warlic's shop) (Fire Armor)
 * Scarab Set (accessed from Warlic's Shop) (Light Armor)
 * Osiris Set (accessed from Warlic's Shop) (Light Armor)
 * Asgardian set (accessed from map then going down on map & clicking thunder mountain) (Energy Armor)
 * Celtic Set (accessed from Warlic's Shop) (Water Armor)
 * Geocastellum Set (accessed from Warlic's Shop) (Earth Armor)
 * Dessert Set (accessed from Warlic's Shop) (Ice Armor)
 * Mecha Knight Set (Map>Travel East>Mt. Thrall>Hollow>What are you building?>Underworld Saga) (Darkness Armor)

Trivia
A reference to the Mastercraft sets is made during the Tomb of Awe quest. When the Chosen enters the tomb, they say "Wow! There's enough treasure in here to keep me in mastercrafted equipment for life!"