Art Happens is aimed at backing creative projects rather than directly funding acquisitions - from exhibitions and redisplays to new facilities and spaces.
The first project will be based at the Jerwood Gallery in Hastings and will involve the Chapman brothers, Jake and Dinos, who will scour the antique emporiums and junk shops of their home town for old artworks that they can then use to create a new work.
"Unlike some other crowdfunding platforms, every penny raised will go directly to the projects. Plus, everyone who gives to Art Happens will get a reward in return, from transfer tattoos and postcards to limited-edition artworks and VIP experiences," says the Art Fund's director Stephen Deuchar.
The other four museums to take part in the Art Happens project initially are: Compton Verney, Warwickshire; the Ironbridge Gorge Museums Trust, Shropshire; St Fagans National History Museum, Cardiff and The Bowes Museum, Durham.
Each museum has proposed an innovative project with a feasible target, ranging from £10,000 to £25,000. Throughout the year, several new projects will be added to the platform.