OneOf expands its sports NFT market with new collection minted on Polygon

Key Takeaways:

• NFT marketplace OneOf launched its Sports Pass collection for its Polygon-based marketplace.
• MATIC prices fell nearly 22% since Feb. 23.

NEW DELHI (CoinChapter.com) — NFT marketplace OneOf has expanded its presence in the sports NFT market as it announced the launch of its Polygon-minted “Sports Pass” collection on Thursday.

Earlier in February, OneOf had partnered with Sports Illustrated to launch a sports NFT series minted on the Polygon (MATIC) blockchain. In detail, the 68-year old magazine offered up reimagined versions of classic magazine cover photos of its partner athletes.

The digital collectibles platform’s latest product is a series of one-of-one 3D NFTs. Animation studio 8^th Frame has designed the NFTs that provide collectors exclusive perks on the platform’s sports-themed NFT marketplace.

OneOf also plans to partner with college-level sports teams to service a fast-growing segment in the sports NFT market. Interestingly, OneOf built its sports NFT marketplace on Polygon instead of Tezos.

Also Read: Polygon (MATIC) jumps 22% after raising $450M in Sequoia-led funding round.

OneOf had launched on Tezos blockchain as a music marketplace that helps music artists connect with their fans. However, many smaller NFT marketplaces with high-quality collections increasingly choose Polygon over Ethereum, thanks mainly to its low fees and faster transaction speeds.

Early in Feb, Polygon raised $450 million in a funding round led by Sequoia Capital India. The blockchain platform claimed it would devote the funds to expand its scaling solutions along with Web 3.0’s mainstream adoption. In addition, the platform would continue to invest in zero-knowledge technology.

Polygon Price Charts

Polygon prices continued trending downwards as the stocks and crypto markets declined following the escalation of the Russia-Ukraine tensions. Long wicks on both ends of daily candles indicate that bears and bulls are equally active.

Since Feb 23, MATIC prices fell nearly 22%, going from Wednesday’s high of $1.596 to reach Feb 24’s intraday low of $1.246. Furthermore, the Polygon token’s 26-day exponential MA (white wave) and 200-day MA line (red wave) have formed a death cross on MATIC’s daily charts.

In detail, a death cross forms when a token’s short-term moving average trendline moves below a relative long-term moving average. Traders believe the technical pattern signals negative sentiment and weakness.

The death cross often indicates the onset of bearish price action, resulting in significant selling pressure. MATIC prices might test immediate support near the $1.3 if the death cross sparks a sell-off. Moreover, a marketwide sell-off could push prices to $1.24.

Also Read: Polygon (MATIC) paints bearish technical pattern, risks a drop of nearly 52%

However, the relative strength index for MATIC is nearing oversold levels, though currently neutral with a value of 35.44 on the daily charts. An oversold RSI is an oft indicator of bearish to a bullish trend reversal. If the Polygon token follows through, MATIC would likely challenge resistance at $1.45.

MATIC will target resistance near the $1.55 price level if the Polygon token flips immediate resistance. Furthermore, Polygon’s 26-day EMA acts as resistance near the $1.69 price level.

At the time of writing, MATIC was trading at $1.416, down 1.46% on the day.