The collaboration between Lost Ark and the Witcher is a limited time event that will see Geralt, Ciri, Dandelion, Yennefer, and Triss all join the world of Lost Ark in a quest to unveil the "mystery of the mystifying." Lost Ark players are able to access the event by traveling to the a new event island after peaking to a Guild Investigator in a major city. There will be story and daily quests to complete, and loot to earn like Witcher options, new Jukebox songs, a card set featuring the Witcher Characters and more. Witcher cosmetic items will also be in the in-game store and there will be a Twitch drop for a unique Witcher-themed Mokoko skin.
There's more info over on the official game page for Lost Ark. The event begins next Wednesday, January 18th and runs through the month ending on February 22nd. I love the witcher and if you've any experience with Witcher lore, or at least that of the 3rd game Wild Hunt, you'll know that a major part of Ciri's power and history involves her hopping between worlds through portals so any crossover events just feel like canon to me. Why not?