Rare published their weekly Sea of Thieves developer update with Executive producer Joe Neate a couple days ago and he has more info on the recently released Festival of the Damned. One point of emphasis from Joe was that the cosmetics earned during the Festival of the Damned are time limited (functionality is not) he also touched on the Shrouded Spoils, which is the next update coming in late November and has entered Pioneer testing phase. We should expect to get a content feature update video closer to the release date.
If you want to see the future past Shrouded Spoils, the team will be on Inside Xbox at X018 this Saturday with a short clip of what is coming next.