Wadiz Strengthens Vetting Standards for Creator Side-Income and Revenue-Generation Funding

Wadiz Strengthens Vetting Standards for Creator Side-Income·Revenue-Generation Funding

- Prohibits "guaranteed income" content in project stories; funding participant details must be disclosed transparently
- Proactive measures to protect funding participants…enhanced ongoing monitoring

Wadiz, a life design crowdfunding platform that has been refining related policies for years to build a trusted crowdfunding ecosystem, has recently tightened its vetting standards for side-income and revenue-generation related funding projects, which have been rapidly growing. The company ensures creators convey their know-how concretely and prohibits unrealistic content such as income guarantees from being included in project stories.

Wadiz, a life design funding platform, announced on the 15th that it will strengthen vetting standards for projects in the class and consulting categories featuring side-income and revenue-generation as keywords.

This change was established as a proactive measure to protect funding participants in response to the recent strong growth of class·consulting and publishing funding projects. According to Wadiz, compared to the total funding amount for the full year 2021, by the end of October this year, the publishing category has grown approximately 7 times and the class·consulting category has grown approximately 1.7 times.

The key focus of Wadiz in strengthening these standards is the "feasibility" of expected income discussed in side-income and revenue-generation funding projects. The main approach is to prevent content stating "guaranteed income is possible" in project stories while requiring creators to write their "know-how" in specific terms.

For example, a story stating "I earned 100 million won per year" would be verified through tax payment records, while a story stating "You can earn 100 million won per year" would be restricted.

Prior to implementing these standard changes, Wadiz verified tax payment records or tax invoice summaries by sales source as of the end of October on open projects to enhance the credibility of income details written by makers in project stories. As a result, some confusion between net profit and monthly sales was detected, and measures were taken through story revisions to prevent confusion among funding participants.

A Wadiz official stated, "The goal of this standards reinforcement is to ensure that stories guaranteeing definitive expected income, rather than satisfaction, will no longer be seen in Wadiz funding projects," and added, "If it is income that can be confidently disclosed in a project story, there should naturally be evidence to submit to a broker. This is a necessary measure to protect supporters, and we will continue to strengthen this going forward."