The name "Praterias" is derived from the Spanish word for silversmiths, reflecting the square's historical connection to artisans and craftsmen who once worked here, creating intricate silver pieces for the cathedral. Today, the square retains its artisanal spirit, boasting a variety of shops and boutiques where travelers can find local handicrafts, jewelry, and traditional Galician souvenirs.

Praza das Praterias also serves as a natural gathering place for pilgrims who have completed the Camino de Santiago, the famous pilgrimage route that culminates in Santiago de Compostela. The square's proximity to the cathedral makes it a popular spot for reflection and celebration as pilgrims bask in the accomplishment of their journey.