does starting a new game revert me back to lvl 1? and what about challenges?

[MarioShroomed]

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[HuntingFever]

Yes on both counts. Starting a new character means starting over completely from scratch but provided you don't delete your old character, their story and challenge progress will remain intact. Also, starting TVHM (AKA NG+) won't reset anything for that character.

[Phoenixgaming1]

Yes, a new character is a brand new start, however, you can have as many characters as you want, so it won't erase progress from your other character, you can start a new character and then freely swap between them, each one will have their own separate level, active missions, gear, skill points, and BAR challenges.