NFT價值創造循環之研究

Abstract

隨著NFT迅速爆紅，各領域的名人與知名企業趨之若鶩，紛紛投入NFT這個藍海市場。儘管NFT市場如火如荼地發展，仍有不少人質疑NFT只不過是一種商業炒作手段，本身並沒有什麼價值，未來NFT市場的泡沫終將破滅，無法為世界帶來正向而長久的改變。本文由此歸納出下列幾個問題進行研究：NFT持有人得到了什麼？NFT的真正價值所在？價值體現在哪些領域？ NFT項目發行方可以發展出什麼樣的商業模式？ 為了研究上述問題，本文首先介紹NFT的基本概念，包括NFT的定義、特性、要素，並結合法律的觀點，分析NFT持有人所擁有的權利。探討NFT的基本概念後，本文介紹目前全球最具代表性的兩個NFT項目：加密龐克以及無聊猿，以觀察NFT在實際商業世界的運作，並分析兩者商業模式的異同與特色。最後，本文歸納出NFT的價值主要有下列幾點：作為資產的「所有權憑證」、賦予實際主體控制權、為創作者賦能。 本文進一步利用VPS模型驗證NFT對於創作者市場帶來的影響，透過兩次策略循環說明從實體創作到數位創作，最後到NFT創作的演變過程。本文並建構無聊猿的商業模式流程，再將流程解構，從中分析出值得其他NFT項目借鑑的成功模式。最後，本文結合價值創造循環理論，提出NFT創作者帶來正向價值的循環過程，包括第一次銷售循環、社群形成與經營、授權使用與市場反應、願景趨勢與規範協議。

As NFT goes viral, celebrities in various fields and well-known business enterprises flock to the blue ocean NFT market. Although the development of the NFT market is in full swing, there are still people questioning that NFT is merely a way of commercial exploitation, and that there is no inherent value in NFT. The bubble of the NFT market will eventually burst, and NFT will not have a positive and permanent impact on the world. As a result, this study generalizes the following questions for research: What does the buyer of NFT get? What is the value of NFT? What fields in which the value reflects? What kinds of business models can a NFT project develops? In order to tackle the questions mentioned above, this study begins with introducing the basic concepts, including the definition, characteristics, and elements of NFT. Then, this study analyzes the right that NFT buyer gets from the perspective of law. After introducing the basic concepts, this study introduces the two most representative NFT projects in the world: CryptoPunks and Bored Ape Yacht Club, to understand how NFT works in the real business world, and analyzes the features and differences of the two business models. At last, this study generalizes that the main value of NFT are as follows: “certificate of ownership” of an asset, give the owner control over the asset, and empowering the creators. Furthermore, this study uses VPS model to verify the influences that NFT brings to the creators’ market, and illustrating the process from physical works, digital works, to NFT works with two strategic cycles. Moreover, this study constructs the business model process, then deconstructs it, in order to find the key element of success worth learning from. In the end, this study uses the Value Creation Cycle Theory to present the key factors that constructs a positive value circulation for NFT creators, including the first sales cycle, community formation and operation, authorization and market reaction, vision/trend and regulation/alliance.