Atlanta's New Year's Eve celebration featuring a giant peach is called the Peach Drop.
The event takes place in downtown Atlanta, Georgia, and uses a large illuminated peach as the object lowered at midnight. The peach reflects Georgia's nickname, the Peach State, and gives Atlanta's countdown a strong local identity rather than copying the Times Square Ball directly.
The first Peach Drop was held in 1989, and the event became an established part of Atlanta's holiday calendar. Public programming has included live music, food, and a countdown before the peach descends. Specific locations, schedules, and formats can change from year to year.
The Peach Drop is sometimes confused with the Peach Bowl, a college football game also associated with Atlanta. The Bowl is a sporting event, while the Peach Drop is a New Year's Eve celebration. The answer therefore refers to the event's official name, not merely the city or the fruit-shaped object.