Bungie did reply to a tweet about this when shadow keep first launched and they said that in the past, gamers didn't appreciate cosmetic items as nightfall exclusives. They also claimed they had to choose between things like nightfall exclusives or designing raid loot.
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Contextually speaking lots of Eververse stuff can still be grinded with engrams and bought with bright dust at that point in time. So having cosmetics as Nightfall exclusives is a slap on the face. Now, eververse is more exclusive and has MUCH more stuff, stuff that would've made sence to be something of a triumphant reward. Case in point the iron banner axe emote, why could they not use it as an IB prize, wouldve given more reason to grind Destiny. ESPECIALLY, since they now want most of our armour to be cosmetics, it would make more sense to have more cosmetics to grind for, rather than to buy for. This reason is nothing than an excuse for not learning their mistake and use it as a justification to make lots of cosmetic items micro transactions only.
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Raid loot? I think they meant Eververse. 😂
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Raid loot which was a reskin..