Art Industry 'Crowdfunding Boom'... Wadiz, Art Funding Grows 200% Year-on-Year

Art Industry ‘Crowdfunding Boom’... Wadiz, Art Funding Grows 200% Year-on-Year

- ‘Innovation’ Meets ‘Art’… Crowdfunding Platform Gains Spotlight as a Channel Showcasing Special Art Collaborations

- High-Value Art Pieces with Collectible Worth: Verify Demand and Secure Production Costs

- Collaboration between IKEA Designer ‘B.ARC’ and Pop Artist ‘Daniel Shin’ Generates ‘Buzz’ with Furniture Products Showcased via Crowdfunding

Crowdfunding platforms are drawing attention as channels for artists to present new collaborative products.

Wadiz, a life design crowdfunding platform, has announced that demand for ‘art funding’ featuring unique collaborative products by domestic and international artists has significantly increased recently.

According to Wadiz, in the first half of this year, the fundraising amount for the culture and artist sector reached 2.2 billion won, a 1.7-fold increase compared to the same period last year. The number of supporters who participated in funding reached approximately 13,000, increasing 207% compared to the same period last year, demonstrating heightened interest.

Artists are increasingly turning to crowdfunding platforms as a channel to showcase their work and communicate, aiming to either raise high production costs or effectively gather demand centered around interested customers.

Notable examples from the first half include printworks and wine opener projects presented by artist Park Seo-bo, a ‘master of contemporary art’, in limited quantities, and ‘Oil Painting Company’, which presented overseas famous painting collections. Artist Park Seo-bo received attention when four printworks worth a total of 24 million won sold out immediately upon opening, while Oil Painting Company succeeded in raising approximately 57 million won, 114% of their goal, by presenting high-quality art books.

Recently, a collaborative project between ‘B.ARC’ led by a designer from IKEA and pop artist ‘Daniel Shin’ has opened and drawn attention. ‘B.ARC’ is a brand that leverages the characteristics of modular furniture ‘IKEA’ to customize and manufacture products by shaping and functionality according to space and purpose, pursuing sustainable brand philosophy through eco-friendly materials and ethical manufacturing processes.

This funding project is a collaboration with Korean-born pop artist ‘Daniel Shin’, who is noted for distinctive and vibrant three-dimensional works. Presenting unique furniture combined with design and artistry, the project achieved its funding goal on the opening day and generated significant buzz.

Jung Yun-ju, CEO of Art Blending Inc., the maker who opened the funding, said, “This collaboration was planned to provide an experience of filling daily life with art through products that combine function and design with artistic elements” and “We look forward to the interest and participation of customers who want to fill their own spaces with art.”

A Wadiz spokesperson stated, “In response to increased demand in the art and culture sector, we are preparing the opening of various crowdfunding projects by domestic and international artists” and “We will continue to present a wide range of projects that add new value to daily life.”

Meanwhile, the art collaboration crowdfunding project between B.ARC and Daniel Shin will proceed on the Wadiz platform until August 6, and the works can be directly appreciated through the <HACKER HOUSE> pop-up exhibition at ‘Art Tag Seongsu’ located in Seongsu-dong, Seoul, until July 23.