The ultimate challenge of the Fortnite Chapter 2 "New World" mission is asking you to carefully analyse this week's loading screen. This is where you will find the clue leading you to the hidden letter "F".
As for the previous season, you will have to wait until you unlock the loading screen via temporary missions to hope to get your hands on the famous letter.
Map
To find the hidden "F", you'll have to set sail for Lazy Lake. The secret letter is on the small hill overlooking the village. A blue halo surrounds it.
Team Rumble is the best mode to achieve this challenge, as it will prevent you from being attacked by players too early in the game.