There was something similar that occurred twice in one year. One was the western Valentine's Day, while the other was the eastern Valentine's day.
Other smaller countries might also have their own similar traditions, but their influence was limited. Furthermore, games could not have the same event too many times, since that would spoil its meaning.
The Valentine's Day within the game was designed quite well and there were many things to do.
Many people would find a fake partner to spend Valentine's Day in game. After all, there was no way for the game masters to know that they were real or fake couples anyway. However, many players who found fake partners slowly became a real couple as well.
They found the NPC in charge to send them into the Instance Dungeon, and after paying the fee, they entered.