When you reach a certain level you get gifts from Tess. One of them is a emote. When I went to pick up my emote it said ‘Can only hold one at a time’, but I don’t have that emote on any of my characters or in my collection yet. I have to dismiss it every time I go to eververse. I didn’t get the other gifts from Tess because of this and.i never got my Titan ghost shell.
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Is it in your postmaster? Postmaster items count against "only one at a time".