Your weapon levels, not you.. The matches are designed in a way to make old and new players equal. You can level up weapons over time and they will evolve... like bronze, silver, gold, platinum..etc.. Or maybe a tree branch staff will grow more leaves.

You can sell your weapon to other people and make a huge profit, or just keep your hard work. It's all up to you.

There is a legend system that marks your achievements, and a timeline. Basically you get awarded for very important accomplishments that everyone can see.

So essentially there are no levels, but your legend and gear will show how far along you are.

Yes.