Loot keys are obtained through various means depending on the rarity or the type of key. Depending on the variant of the key, the loot can range from common supplies such as Magic Logs to Iconic and powerful weaponry such as Dragon Claws. They can be opened at the loot chest outside of the bank at home, where you can also view the loot of each tier of key.
Loot Key (Daily)
Loot Key (Daily) can be obtained by completing daily tasks at the Daily Board
Loot Key (Common)
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Loot Key (Common) Is obtained from various tasks in the game, most notably from monster drops & achievement tasks. The loot is mainly comprised of supplies with a few early-game unique rewards such as dragon equipment. Loop halves and Tooth halves can be combined to create common loot keys.
Loot Key (Uncommon)
Loot Key (Uncommon) is obtained through various means such as monster drops, skilling, and achievement tasks. You can also obtain this through the Golden Trivia event as a random reward.
Loot Key (Rare)
Loot Key (Rare) is obtained through various means most notably, but not exclusively through Bosses, Achievements, Battle passes or trade.