Tournaments are like PvPs. UNlike PvPs, however, Tournaments have prizes, and they are grand.
How to make a tournament?
Simply make a topic on this Forum (Colosseum). Obviously it contains all the details about the tournament. You should provide the prizes.
How to join a tournament?
Simply reply to a Tournament Topic. First, reply requesting to join.
How to make the prizes?
It's up to you! It can be in Item Form, Weapon or Armor Form, a new pet? ANYTHING!
How are Tournaments Battled
They can be team-based, one on one or clan based. All up to you.