Got the loot-a-palooza key from Calus today, went to Tower and did the first public event with my fireteam. Looted the chest and got the dance key and 250 glimmer. Started the dance party, danced for 5 minutes.... got no loot when the event ended. I thought you're supposed to get exotics and legendaries? =/ We were super disappointed!
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I also did not get any loot, but still it was hilarious and relaxing after our first whole leviatan raid. I really hoped that you could get dunno, maybe a dance motion or something like that.
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Nope, you get nothing, only glimmer.