As a community-supported, free and open-source crypto tool suite, MyCrypto needed a solution to turn “users” into “paying users” to help fund future initiatives. In 2019, MyCrypto began looking for a way to offer MyCrypto memberships.
MyCrypto envisioned a future where, when community members offered their financial support, those supporters gained members-only access to exclusive perks in return for becoming a paying member of the community. After exploring a number of options (including building their own solution stack), MyCrypto found their answer in the Ʉnlock Protocol.
MyCrypto began in 2015 as an open-source tool for privately and securely managing Ethereum wallets. Since then, it has evolved into the “Swiss Army knife for crypto” including tools to manage multiple wallets, exchange tokens, and interact with smart contracts.
MyCrypto strongly believes that decentralization through blockchains can enable a fairer interaction between people, and focuses on developing a superior user experience so anybody can securely manage their digital assets in a non-custodial manner. As pragmatists, the MyCrypto team seeks to deliver solutions that are intuitive and MyCrypto uses native Web3 protocols whenever possible.
MyCrypto wanted to deploy a Web3-native integration for membership management for their platform and suite of tools and services. The solution they envisioned had to support different membership durations — from months to years and beyond — as well as integrate cleanly with their overall user experience and flow.
The solution needed to support membership “unlocks” in a wide variety of contexts. Once a user became a paying community member, the membership key needed to be integrated into a variety of functions, including feature-gating, token gating their Discord server, removing on-site advertisements for members, and other perks.
One unique challenge with Web3 memberships is solving the seemingly trivial problem of knowing “who is a member?” Prior to Web3, an individual would sign up for a website with an email and password combination. However, especially in the crypto space, many users are anonymous, and the only point of connection is via their crypto wallet. The basic problem needs to be solved in a completely different way.
After learning about Ʉnlock Protocol, the team at MyCrypto integrated the underlying Ʉnlock infrastructure with a bespoke front-end design that seamlessly integrates with the rest of their site experience. For user convenience, memberships are offered on the Ethereum Mainnet, as well as xDAI and Polygon in order to give their community members maximum freedom of choice.
Since keys to locks created with Ʉnlock Protocol are NFTs, these keys work anywhere across the MyCrypto experience where Ʉnlock Protocol locks are deployed. For MyCrypto, once a community member has a key, that member has access to perks including unlocked product features, an ad-free site experience, an exclusive membership badge and token, access to a members-only Discord area (through Collab.Land’s own Ʉnlock Protocol integration), and more.
In 2021, membership pricing ranges from USD$10 a month for a one-month membership to lifetime memberships that start at USD$1000.