It's not obtainable like it was on OGPlanet. On OGP, just by getting to level 60, you automatically got it. It was apart of their badge/achievement system. You could still obtain the Black Friday Cape on GamesCampus and RedFox by participating in specific events, like Spenders Events.
You make it seem like it was devalued that way . At least there was an incentive to keep leveling. I think beyond that you didn't get anything though, but I can't remember if they gave you the level flags at 70+.
They gave out the Level flags for being in the Top % of EXP earned (highest levels). For example: Top 3 with most EXP earned got a specific flag. The following 5% after the Top 3 with the most EXP got a specific flag, then the following 10% got a specific flag, etc etc.
it's a lot easier now with the new buildup system there's this bug that involves Black Cheshire cat in both the inventory and buildup, and results with the system thinking that 2 Black Cheshires are equipped