X Games will share a title with crypto payments provider MoonPay as part of an eight-figure deal as the long-running action sports spectacle transitions to a new team-based format, a MoonPay spokesperson said Declutter.
The MoonPay X Games League, that is set to concept Bringing 150 athletes to “regionally represented” clubs at an event in Los Angeles in March is now the result of a three-year marketing agreement, the companies said in a news release. The new name was unveiled in Aspen, Colorado at X Games’ final standalone event.
An official logo for the MoonPay X Games League. Image: MoonPay
The X Games spotted that it adopted a competition-based format more than a year and a half ago, before Jeremy Bloom was appointed CEO. The former Olympic freestyle skier and NFL player said in a statement that the team is focused on “salaries, benefits and real stakes.”
For athletes trying to make their way in skateboarding, BMX, snowboarding and freeskiing, X Games’ service comes with the promise of perks like paid travel expenses and health insurance reimbursement, per Powder. It marks a break from the high-stakes competitions rooted in prize money that have historically made athletes dependent on individual sponsorships.
“Under the new structure, athletes will hopefully receive more support,” said Keith Grossman, president of Enterprise at MoonPay. Declutteradding that the partnership will provide distribution for decentralized finance projects.
The press release notes that MoonPay’s exclusivity in branding in areas such as finance and banking also extends to its network of partners. It refers to “new team ownership opportunities” intended to increase take-home pay for athletes.
X Games has previously said its clubs will be privately owned, but MoonPay’s involvement ties the initiative to crypto.
The format is inspired by Formula 1, where athletes compete for team points in various disciplines. The league will provide athletes with a base salary of $30,000, according to a LinkedIn post, which draws parallels between the initiative and the NBA for its draft systems and esports for its focus on team strategy.
In some ways, MoonPay’s scheme is reminiscent of the UFC and Crypto.com. In 2021, the crypto exchange riveted a ten-year, $175 million sponsorship with the brand taking center stage inside the Octagon. And then in 2022 there were Super Bowl ads from multiple crypto companies excited regret among some featured in it, including comedian Larry David after his FTX ad.
More recently, the UFC was one of several sporting entities to participate go exclusive with prediction market platforms such as Polymarket and Kalshi. The NHL became the first major sports league to sign a licensing agreement with the companies in October. NFT collection Pudgy Penguins was also there involved with the recent NHL Winter Classic.
As the And the company seems eager to expand its reach to names within the industry that may be relatively unknown to viewers.
“We have 35 million consumers who ultimately belong to the same demographic as the X Games,” he said. “We have so many areas that we can ultimately involve our partners in.”