Quick Summary
- Magic Eden partnered up with Overtime to boost the utility of NFTs in sports. The valuable NFTs they will release together will change the way sports fans interact with games.
Magic Eden, a non-fungible token (NFT) marketplace based on the Solana blockchain, has announced a cooperation with Overtime, a prominent sporting entertainment platform, to launch an NFT collection to increase fan interaction and provide exclusive experiences. With the debut of the NCAA basketball-focused digital assets, the top Solana NFT marketplace expects an increase in its retail audience.
related: Vending Machine In New York Is Now Selling NFT Art
NCAA Men’s basketball event
The partnership is focused on the 2022 NCAA men’s basketball tournament, a national school championship event known as March Insanity, and considered one of the most significant sporting events in the United States. The competition will begin on March 15 and end on April 4 with a championship match at New Orleans’ Caesars Superdome stadium, seats over 75,000 people.
About Overtime and Magic Eden
Overtime, a cross-media entertainment brand with over 1 million and 6.5 million followers on Twitter and Instagram, has raised $135 million from prestigious venture capitalists Spark Capital and Bezos Expeditions.
Similarly, Magic Eden has risen to prominence in the recent few years since its launch in September 2017, logging about $400 million in trading volume in the last 30 days as the most popular DApp on Solana and surpassing the daily transaction value of OpenSea in December last year.
Recently, the network announced plans to create a decentralized autonomous organization, or DAO, by distributing three-tiered NFT airdrops to loyal users to kickstart the process.
Popular collections on Magic Eden
The most popular collections on Magic Eden right now are profile-picture projects, or PFPs, and access permits. Solana Monkey Business, Degenerate Ape Academy, Shadowy SuperCoder DAO, and Boryoku Dragonz laid the way for the market’s expansion in 2021, while newer initiatives like Portal and Lux Real Estate aim to give their holders a variety of metaverse utility offers.
Launch date and minting of NFTs
When Porter, Co-founder and CEO of Overtime, was asked about how these NFTs will be redeemed or minted, the expected launch date, and the estimated dollar value of each asset, Porter compared it to the typical pricing structure of the pinnacle basketball match, stating that “the value of accessing a finals NBA, for example, can be near $1,000,” and that “these NFTs become valuable assets put in the hands of sports fans, changing the way they interact with games.”
The co-founder of Magic Eden, Jack Lu, revealed that the assets were minted on March 11 and that “extended bracket utility (whether that be access to games, meet and greets, special events and competitions, exclusive content, AMAs and special launches) will be available after the completion of the tournament.”
Lu stated that he expects sporting NFTs to positively impact the cultural scene in both Magic Eden and the wider market.
Conclusion
Sporting NFTs are bringing a positive impact on the market. The next generation of sports fans will be able to experience sports differently than the previous generation of millennials, who grew up passively watching sports on TV.
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sources: profitfromnft, cointelegraph
author: Rene Remsik, Hafiz Awaiw
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
