So I am a player coming from World of Warcraft and im just wondering what stuff there are at end game and how you go about getting PvE and PvP gear??

I see people on about t1 t5 t11 t12 etc. Whats this?? I know t means tier. But just to know how the game works. Also are there normal dungeons?? And what are Fates?? Are these like rifts in rift??

Also the game is out over a year now. Is there a new one coming out soon. Am I wasting my time getting into this now??