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Okay, so I'm probably the only one who choose to give up and only get the emblem item, and not the title, I searched inventory, mail, nothing. sigh....
It's ticket time...
Emblems are sent in your inventory Storage Chests.
The title is sent in your NX Tab of your inventory (Very bottom of your inventory, NX Symbol with the word "Avat", the tab is in a magenta-like color)
This event is ONE TIME Only PER Account, PER Server.
LEVEL RESTRICTION: Event is unlockable at Level 10
You finished it on one character; can't do the event again on another character on the same account.
You can finish the event on East Server and will still be able to do the event on West Server. (Example)
Items and Rewards from this event are tradable to characters on the same account.
(Exception: Can trade a specific Left/Right Half Heart to other players to complete the heart)
The COLORS of the heart halves MUST MATCH to make the full heart
Blue: Pure Love (Left Half) ↔ Pure Love (Right Half)
Red: Passionate Love (Left Half) ↔ Passionate Love (Right Half)
Yellow: Unconditional Love (Left Half) ↔ Unconditional Love (Right Half)
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There are 2 possible rewards.
The First is the Completed, where you complete the event and turn in the completed heart to the Strange Traveler
The Second is when you Forfeit; you gave up on the event and want it to be over with.
Both options give different rewards.
You can only choose one option per account.
I just confirmed that it is also by server. I completed the story on East and can still complete it on West.
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For further clarity, you do not lose your two halves if you choose to give up; you can still complete the heart or help someone else complete theirs.
and 1 other. 
