Seems these replace bounties and more effectively. Question is, how do they affect your gear. Before you could equip (a little frustratingly) gear you needed to upgrade, but with these challenges it's not so clear...that said no reason that activating the completed challenge wouldn't be managed the same way. Info appreciated if anybody has it.
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Which challenges are you referring to? If you mean the ones in the AoT book (or RoI book), the xp from those goes towards leveling up the book itself, it does not give you anything towards your characters or gear.