This is how loot drops work in multiplayer in Stranger of Paradise: Final Fantasy Origin

Square Enix’s action-RPG Stranger of Paradise: Final Fantasy Origin has extensive online options. It allows up to three players to team up – all three players can then complete the entire campaign as a unit. Even side missions can be won in group play. Experience and gold are shared with the party, but this guide will break down the loot and whether or not you need to share it.
Find the loot

Similar to developer Team Ninja’s last action title, Ni-oh, loot drops from a variety of sources. Each mission has a specific set of rewards that are guaranteed to drop after the first completion. Other loot drops from various sources like destroying objects, killing enemies, and secret chests. Bosses also have a chance to drop very rare loot when defeated. Higher difficulties result in better quality loot dropping.
Loot with friends

If you play cooperatively, all loot will be instantiated. This means that every piece of loot dropped is different for every online party member. For example, if a treasure chest contains a sword for one player, the same chest may contain a piece of armor for another team member. Stranger of Paradise does not allow item trading. The guaranteed rewards of each mission are given to each member of the party when the mission is completed.
https://www.gamepur.com/guides/how-loot-drops-work-in-multiplayer-in-stranger-of-paradise-final-fantasy-origin This is how loot drops work in multiplayer in Stranger of Paradise: Final Fantasy Origin