The festival that involves the procession of large floats and street performers in New Orleans is Mardi Gras. Celebrated primarily in February or March before Lent, this vibrant event features elaborate parades filled with colorful floats, costumed performers, and music. The festivities include the tradition of throwing beads and trinkets to parade-goers, creating an energetic atmosphere. Mardi Gras celebrates cultural diversity and community spirit, attracting visitors from around the world to join in the lively celebrations of New Orleans.