Borderlands 3 loot won’t be shared between players, meaning every weapon that you get your grubby mitts on will be yours and yours alone. It’s a marked change from previous entries in the series, which were very much first come, first served affairs.
The game’s store page confirms that you’ll be able to play Borderlands 3 in split-screen and online with up to four players at a time. That page also says that you’ll “take down enemies and challenges as a team, but reap rewards that are yours alone – no one misses out on loot.”
In previous Borderlands games, loot was limited to a specific play session, but anyone in your game could pick up weapons uncovered by anyone else. Among my friends and I, that lead to plenty of people swooping in to nick a legendary prize, but also meant that we spent more time trying to collaborate around our specific builds. The snipers went to the sniper class, of course, while I preferred to have a shotgun, playing as a Roland or Axton so I could mop up any bandits foolish enough to stray too close to my turret barrages.