To answer some of the more general questions:
The event is planned to run for one week (7 days) per month. Every month it will appear at a different city. For instance, if the event runs in Kelethin in December, then the next event will run in Gorowyn in January, and so on.
The City Tokens can be gained even while the event is inactive through city writ quests.
City Tokens gained in any city can be spent in any festival location. So, Tokens gained in Qeynos, can still be spent while the event is being held outside Freeport in the Commonlands.
I hope this helps to clarify!
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