Launch Parties or Release Events are events held after the release of an expansion set. The format for each release tournament originally was DCI sanctioned sealed deck. Players build decks with cards from the new set. Release card or Launch promos have been given out at releases since Eighth Edition.
Starting with Avacyn Restored, the name of "Launch Party" was phased out. The foil participation card that was previously available at Launch Parties could be obtained by attending Friday Night Magic on the day a new set goes on sale (while supplies last). For Amonkhet, the Draft Weekend reinvented the Launch Parties under a new name, but starting with Core Set 2021 Launch parties were reinstated. Formats may differ.