This is a rough idea for a Faction Contest that lasts a week.
For this to work how I see it right now Bungie would have to create a fourth faction. The idea is for Guardians to select a faction for the week and earn reputation for them. The top three factions at the end are the three factions in the Tower until the next event.
For the event each faction will have PVE and PVP bounties to gain reputation with the Tower as they are completed. As you rank up will will have the ability to buy faction based gear for glimmer. Including gear that you normally only get from a drop. Now when you get to the top rank you will be able to get a weapon that would have a perk that is faction specific. Now they will need to allow you to keep getting Tower reputation once you hit top rank.
I would appreciate any feedback to improve this suggestion. I think this event would have replay-ability and be a lot of fun for both PVE and PVP players.
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Good idea, I think that each faction should also have a faction specific bounty line like Crota's bane, or the exotic bounties. One that will give some substance to the faction themselves and give you a reason to want to help them out. Something besides the shaders they provide.