The Victory Points Tournament is a special event held in a given set of time. The mechanics is simple; to win and gain rank in the tournament each summoner needs to battle it out by gathering Victory Points by finishing certain missions, arena battle, vortex events etc. Each successful completion will give a certain amount of points and by the end of the event the Top 10 summoners and ranking from 1000th to 1st place will be rewarded. Each reward is different depending on rank and tier.
Disclaimer: The event mechanics, objective and rewards may change depending on the current season running. Each season may change or differ from one another.