The Asian festival that features the release of floating paper lanterns into water bodies is known as the Yi Peng Lantern Festival, celebrated primarily in Thailand. This enchanting event takes place during the full moon of the 12th lunar month, where participants release lanterns as a symbol of letting go of misfortunes and making wishes for the future. The sight of thousands of illuminated lanterns lighting up the night sky creates a breathtaking visual experience. Overall, the festival represents both the spiritual significance of renewal and the beauty of unity among communities.