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Who becomes the victor?

as cool as link is, mario IS nintendo. i cant see any other nintendo character being able to beat him. the fight would be very differend depending on where they fought. in a mario game its simplistic kind of combat where mario can just jump on link, if its a zelda game link can swing at mario in mid air. in the end though mario throws some fireballs at link causing him to drop his guard to protect his body, mario jumps and lands on links head, shattering his skull and spine.

What's the setting? It must be neutral, even if it means New York or some place like that.

depending on the type of gamee.g mario jumping or link's able to slash when in midair, i dunno but i support link 100%

I think it depends on which sword and shield Link is carrying. If it is capable of deflecting fireballs, then I give Link the win. If not, then Mario should roast him before Link can get in slashing range.

Link was able as a kid to deflect hugr fire balls with his shield when they were falling from the sky, he could easily deflect Mario's small fire balls, especially if this is adult Link. And if it is the mirror shield he will absorb the fire and shoot it back about 3 times as powerful. (if he absorbs 3)

Mario would die in a second if he would close the distance, "jump on his head", shissss.....

Mario all the way with the head stompage.

Link 10/10 he fights against fire breathing dragons all the time a little fireball ain't nothing new.