Well, in my experience, events were usually special things initiated by staff members of the game. They could be mini-games or contests or some such initiated by one of NGD's own staff members/moderators or whatever. As to what kind of contests are possible, that's anybody's guess. They usually aren't very common though, usually done on holidays, or other days of importance, like the game's anniversary, or maybe a national holiday, stuff like that. Sometimes events have their own themes to them, like halloween or valentines or whatever.
Edit: one example of an event could be something like a scavenger hunt. NGD hides items throughout the inner realm/beginner island/warzone areas, and whoever manages to find them all within the event's time frame would earn a reward. It could also be made into a race, so 1st place gets the best reward, then #2 gets something not quite so good, and so on so forth.
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