You can purchase an emote like a high five or a handshake and once you emote in game, other players can open then emote menu and a new emote would pop up (not permanently) where you could do the collaborative emote together. You can only emote with the person when you are in range of them.
Preference: You could also have it so friends or best friends can do the emote with you instead of complete strangers. This could be changed in settings.
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