Magic Eden, the Solana nonfungible token (NFT) marketplace, has partnered with popular sporting entertainment platform Overtime to launch an NFT collection proposing to enhance fan engagement and exclusive experiences.
It has been reported that the partnership is orientated around the 2022 NCAA men’s basketball tournament, a national college championship conference often referred to as March Madness, and considered one of the largest sporting events in the United States.
However, the tournament will commence on March 15 and conclude with a championship match at the near-75,000 seat Caesars Superdome stadium in New Orleans on April 4. Having amassed over 1 million and 6.5 million followers on Twitter and Instagram, respectively, cross-medium entertainment brand Overtime has obtained ≈ $135 million from esteemed venture capitalists Spark Capital and Bezos Expeditions, as well as leading contributions in both Series A and Series B rounds by Andreessen Horowitz, also known as a16z.
The report said that Magic Eden has risen to prominence over the past few years following their Sept 2017 inception, registering almost $400 million in trading volume over the past 30 days as the leading DApp on Solana, and surpassing the daily transaction value of OpenSea during December last year.
Likewise, more recently, the platform also announced plans to establish a decentralized autonomous organization (DAO) deploying a three-tiered NFT airdrop to dedicated users to instigate the process.
Dan Porter, the co-founder and CEO of Overtime, and Jack Lu, the co-founder of Magic Eden, have attained the specific reasoning for the joint endeavor, expert judgments on the future of fan engagement in the sports industry as well as the numerical details surrounding the assets launch.
Porter stated that Magic Eden brought energy, ideas, and resources to the table to help make this vision a reality.
“We felt Solana would be a seamless experience for those who have bought NFTs in the past, but also for first-timers who don’t have to deal with gas fees.”
Currently, Magic Eden’s most highly-ranked collections consist of profile-picture projects (PFPs) and access passes. Projects such as Solana Monkey Business, Degenerate Ape Academy, Shadowy Super Coder DAO, and Boryoku Dragonz all paved the path for the market's growth throughout 2021, while newer projects such as Portal and Lux Real Estate seek to provide an array of metaverse utility offerings to their holders.
Thus, Lu said:
“We believe that the next generation of sports fans will be able to experience sports in a totally different way than the previous generation of millennials, who grew up passively watching sports on TV or IRL.”