Coming September, all progress made in Destiny’s Beta and Alpha will be deleted and everyone will get a fresh start. Bungie has just made the announcement, and yes, everything will be deleted: from level, weapons and any other thing.
If you’d also want to know why Bungie is doing this, designer Tyson Green explained to us. Due to the incredible amount of balancing and tweaking made to the game after the Beta, the current characters are “confusing at best, broken at worst.”. So it’s all justified in the end, and your items could be easily recovered in a day time.