In a groundbreaking move for both the X Games and the cryptocurrency sector, the iconic action sports festival will be co-branded with crypto payment provider MoonPay as part of a significant eight-figure deal. This partnership marks a notable transition for the X Games, which is evolving towards a new team-based structure. The announcement was made following an event held in Aspen, Colorado, where the MoonPay X Games League was unveiled.
The new league format is set to feature 150 athletes who will compete in clubs representing various regions. This restructuring, influenced by a mixture of traditional sports and e-sports models, will kick off with a draft event scheduled for March in Los Angeles. Jeremy Bloom, the newly appointed CEO and former Olympic freestyle skier, emphasized that this partnership focuses on providing athletes with salaries, benefits, and opportunities that extend beyond mere prize money.
This departure from the traditional competition format, which primarily relied on sponsorship and prize payouts, aims to offer aspiring athletes in disciplines such as skateboarding, BMX, snowboarding, and freeskiing a more stable financial foundation. Under the new league model, athletes will reportedly receive a base salary of $30,000 along with support for travel expenses and health insurance, a shift that aims to enhance athlete welfare.
MoonPay President Keith Grossman expressed optimism regarding the partnership, stating it will help distribute decentralized finance projects and create “new team ownership opportunities” to boost earnings for athletes. While the X Games intends for its clubs to be privately owned, the involvement of a crypto entity like MoonPay interlinks the initiative with the burgeoning field of cryptocurrency.
The league is expected to emulate the structure of Formula 1, where participants compete for team points across various disciplines. The introduction of this league could resonate with fans who appreciate the strategic elements of team-based sports, drawing comparisons to both the NBA draft system and esports team dynamics.
This partnership has parallels in the sports world, notably with the UFC’s past association with Crypto.com—where a hefty 10-year, $175 million sponsorship deal placed the crypto exchange at the forefront of the Octagon. Moreover, recent trends show various sports leagues exploring exclusive partnerships with crypto and prediction market platforms, indicating a growing intersection between sports and digital finance.
As the X Games prepares to retire its longstanding format, Grossman noted MoonPay aims to associate closely with a brand that has a significant overlap in audience demographics. With 35 million consumers in their network aligning with the X Games’ fanbase, the potential for cross-promotional opportunities appears substantial.
The upcoming changes signal an exciting era for the X Games, as it seeks to attract a newer generation of fans while providing athletes with a fresh approach to competition and support through its innovative partnership with MoonPay.
