Things kick off on the 7th September, lasting until the 10th September. Participating nets you a special penguin costume — of course — for use in the full release, when it launches later in the month. It's going to be free-to-play, by the way — but you will need an Epic Games account to sign up.
So, just to recap, Faaast Penguin is about downhill racing. As a penguin. And you're competing against up to 39 other players as you hurtle towards the finish line. Needless to say, there'll be plenty of thrills and spills as you attempt to stay on course.
It's a pretty simple concept, then, but straightforward design often works best for games like this. Here's hoping that Faaast Penguin nails the gameplay.