In a strategic move to evolve the X Games into a modern league format, MoonPay has officially entered into a groundbreaking eight-figure, three-year partnership with the action sports event. The collaboration is set to debut in March with the establishment of the MoonPay X Games League, which aims to draft 150 athletes into regional clubs during a Los Angeles event.
This deal was announced at the X Games’ final standalone event in Aspen, Colorado. As the X Games shift towards this new team-based structure, Jeremy Bloom, the newly appointed CEO, emphasized the initiative’s focus on providing greater economic support for athletes. Unlike the traditional prize-money model that has dominated action sports, this new framework promises athletes salaries, benefits, and stakeholder incentives, thereby reducing reliance on individual sponsorships.
MoonPay’s President, Keith Grossman, remarked that this partnership will not only support athletes but also enhance the visibility of decentralized finance projects within this vibrant space. The exclusivity of MoonPay’s branding will encompass various sectors, notably finance and banking, while also introducing innovative team ownership opportunities aimed at increasing athletes’ earnings.
With a base salary of $30,000 for participating athletes, the league draws parallels to established sports dynamics, likening its draft model to that of the NBA and its strategic approach to esports. This departure from the traditional X Games format, which has been steeped in nostalgia, signifies a proactive response to the changing landscape of action sports and their audiences.
MoonPay’s role integrates deeper connections to cryptocurrency, much like partnerships observed in other major sports entities. For instance, the UFC and Crypto.com have previously struck a monumental 10-year sponsorship deal, positioning crypto at the forefront of sports entertainment. This emerging trend is mirrored in the X Games’ latest initiative, which seeks to blend the adrenaline of extreme sports with innovative financial solutions.
Grossman also articulated the extensive potential within their combined audiences, noting that MoonPay serves around 35 million consumers who align well with the X Games demographic. The collaboration thus positions MoonPay not only as a sponsor but also as an integral part of the evolving narrative of action sports.
As the X Games shifts gears, this partnership may redefine how athletes engage with financial models and sponsorships, fostering a fresh approach to competitive action sports while embracing the potential of cryptocurrency and decentralized finance.
