It's a festival for fans.
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Riot Games announced that the latest update for Teamfight Tactics is coming up shortly. This "mid-set" update for the game is entitled "Fates: Festival of Beasts" and will begin on January 20. This update will bring with it some new traits and champions. The festival also includes new personalization features, a new pass, and new ranked season.

The following features will be available in this TFT mid-set update:
  • Festival of the Beasts Pass and Festival of the Beasts Pass+ (Free and Paid progression-based features that allow players to unlock personalization content as they play)
  • Thematic interactive arenas that react to the events of your game
  • Festive Booms (Personalized Damage Animations)
  • A new line of revel-themed Little Legends (Personalized Player Avatars)
  • Ranked Rewards for players from the first half of Fates
  • A new Ranked season with a soft reset and new rewards

TFT Fates: Festival of Beasts will also include the following gameplay changes:
  • 6 traits removed
  • 7 traits added including: Slayer, Fable, Dragonsoul, Executioner, Syphoner, and more
  • 19 Champions have been removed
  • 20 new Champions are joining the festival
  • Samira and Tryndamere will be making their first appearances in TFT

TFT is an eight person free-for-all strategy game where players combine LoL champions and items in different formations to defeat the seven other players in a match. As the leading game in the auto-battler genre, players tactically place an army of characters on a grid-shaped game board for a last-player-standing automated battle. Since launching in 2019, TFT has emerged as the top contender in the genre, with over 80M players globally since its launch, providing a fun and deep chess-like gameplay experience for all types of players now on multiple platforms.