As long as it isn't like The Dawning. I literally wasn't able to get the gear without buying Dawning engrams...
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Last time they had it, you would have to buy glue to make it a permanent item, otherwise after the festival your masks crumble. Definitely be awesome if you can actually infuse them this year.
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It's using a system so that when you have that item it's ticked off - I believe you get one everytime you level up, with selected items being in eververse for bright dust
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I hope you're right.