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So rare that you probably would never see it , but if you do it's a game changer. A mirror of kalandra tier item. Something to chase for but probably not see.

What could it enable?

You could merchant an insane leveling item that is now permanently on your account.

You could enable a very rare legendary for all characters you own.

A long term meta-goal of a full factionless gear set.

Still couldn't trade it, because it would have no merchant tag, but you could be a bro and gift it.

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4 months ago - /u/ekimarcher - Direct link

Originally posted by Orsick

My understanding is that you can trade, but the person receiving must have the rank to use.

All items with any faction rank requirement are unable to be traded through the merchant's guild.

All items can be gifted with the use of a resonance. This is however far from reliable or fast and we do not consider it "trade" because in that action, goods are only transferred in one direction.

There is no way to remove a faction rank requirement. This is important.