I don't really see a point in GM Nightfalls.
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I honestly feel the rewards for doing Grand Master isn't worth it and also can't use many builds on that mode as you really have to play it safe. If there was a better reward for doing it and also more build diversity that will work it will probably make it better. When I say better rewards I mean we need more special loot for nightfalls such as maybe have 2 weapons for each nightfall strike and a nightfall seasonal armor set and have grand master guarantee an award from that loot pool so you will either get one of that nightfalls weapons or an armor piece. Also the armor piece stats should be 60+. Maybe even adding other special loot such as an emote, ghost shell, ship, or sparrow that has a small chance of dropping would be cool as well.