新型群眾募資方式研究-首次非同質化代幣發行(INO)—以STEPN 為例

區塊鏈的技術發展，帶來了許多商業應用的可能性，當中區塊鏈技術最常被提及的技術特性，去中心化、不可篡改等，成為區塊鏈新創中最重要的底層技術。其中，非同質化代幣，即NFT(Non-Fungible Token)，作為區塊鏈產業2022最熱門的應用，透過首次非同質化代幣發行，即INO(Initial NFT Offering)，所發展出的新型群眾募資，創造出驚人的市場成長，以全球總市值來探討，於2020年，NFT 總市值超過8,000萬美元，至2021年，總市值已超過177億美元，短短一年時間市場規模放大220倍以上，進入2022年後，NFT市場交易量，從2022年1月份的166億美元，下降至同年5月的10億多美元，其中2022年最知名的INO個案「STEPN」，卻在2022年整體NFT流通市值下降的趨勢下，逆勢成長，其簡化的商業模式為，投資人購買並持有STPEN的NFT，並透過項目方設定的遊戲過程，來獲得收益，投資人可隨時於交易市場中與其他投資人進行NFT買賣，於2021年12份公開上市後至2022年4月份，達成NFT購買人次達100萬人次以上，每日活躍NFT持有者接近50萬人，其NFT項目流通市值最高達到接近20億美金，當時STEPN單個NFT最低購入價格，約為600美金，但隨即於同年5月份STEPN發生了流動性危機，單個NFT最低購入價格僅剩100美金左右，最高NFT價格跌幅達到80%以上，讓許多投資人措手不及，只能認賠出售。因此INO作為新型群眾募資方式，研究INO項目市值快速成長與快速衰退成為本研究動機，其研究目的定義為探討「STEPN」商業模式是否為新型態龐氏騙局。本研究將著重在STEPN個案的分析，將採用「個案研究法」，再透過多種方式蒐集資料，包括參考次級資料整理出商業模式圖、以及透過半結構式的網路訪談來蒐集STEPN NFT持有者的經驗分享，也透過作者自身持有STEPN NFT的經驗來支持資料的真實性，並依照「價值主張」理論，整理出投資者的「顧客描述」，與個案的「價值地圖」進行適配得出初步結論，之後再與商業模式及市場公開數據比較來得出最終結論，當中以STEPN市值最高峰作為時間段分水嶺，第一時間段為STEPN市值到達高峰之前，即2022年5月之前，第一時間段得出結論為，「以高投報酬率與增加健康的價值主張，成為吸引一般民眾進場投資NFT的主因，進而快速擴大市值」，第二時間段為STEPN市值快速下降時期，即2022年5月之後，第二時間段得出結論為，「因出投報率下降及去中心化的資訊不對稱，造成大量投資者止損離場」，得出「顧客描述的變化與STPEN價值地圖的產生不適配」，最後綜合兩階段的價值主張圖與商業模式比較分析得出，「高投報率吸引投資者，因投報率大幅下降，造成投資人虧損，且當投資者透過購買STEPN NFT所投入的成本，成為投資者回報的唯一來源時，項目方沒有創造新的營收方式，也沒有增加健康、娛樂體驗、增加社交的顧客獲益時，並在政府還沒有認定為龐氏騙局之前，將此商業模式認定為一種新型態的龐氏經濟」。

關鍵字

非同質化代幣；區塊鏈；加密貨幣；價值主張；商業模式

並列摘要

The technological development of blockchain has brought the possibility of many commercial applications. Among them, the most commonly used technical characteristics of blockchain technology, decentralization and immutability, have become the most important underlying technology in blockchain innovations. Among them, non-fungible tokens, namely NFT (Non-Fungible Token), as the most popular application in the blockchain industry in 2022, through the first non-fungible token issuance, namely INO (Initial NFT Offering), developed a new type of Crowdfunding has created amazing market growth, discussed in terms of the total global market value. In 2020, the total market value of NFTs exceeded 80 million US dollars. By 2021, the market size has exceeded 17.7 billion US dollars, and the market size has expanded 220 times in one year. after entering 2022, the NFT market transaction volume had dropped drop from $16.6 billion in January to $1 billion in May. Among them, take the most well-known INO case "STEPN" in 2022 as an example, but under the trend of declining overall NFT circulation market value in 2022, it will grow against the trend. Its simplified business model is that investors buy and hold STPEN's NFT, and Through the game process set by the project party, investors can obtain returns. Investors can buy and sell with other investors in the trading market at any time. After 12 public listings in 2021 to April 2022, the number of NFT purchasers will reach 1 million. Above, the daily active NFT holders are close to 500,000, and the maximum circulating market value of their NFT projects is close to 2 billion US dollars. At that time, the minimum purchase price of a single STEPN NFT was about more than 600 US dollars, but then STEPN liquidity occurred in May of the same year. Crisis, the minimum purchase price of a single NFT is only 100 US dollars, and the maximum decline is more than 80%, which catches many investors by surprise and can only accept the loss and sell. Therefore, as a new crowdfunding method, INO is the motivation of this research to study the rapid growth and rapid decline of the market value of INO projects. The purpose of this research is to explore whether the "STEPN" business model is a new type of Ponzi scheme. This research will focus on the analysis of STEPN cases, and will use the "case study method" to collect data through various methods, including referring to secondary data to compile a business model map, and collecting STEPN NFT holdings through semi-structured online interviews. Some of them share their experience, and also support the authenticity of the data through the author's own experience in holding STEPN NFT, and according to the "value proposition" theory, sort out the investor's "customer description", and match it with the "value map" of the case. Finally, through the adaptation results, and then collate with secondary data to draw a conclusion from the business model and market public data, which is divided into three stages to draw a conclusion. Taking the peak of STEPN’s market value as a watershed, the first time period is before STEPN’s market value reaches its peak, that is, before May 2022. The first time period concluded that “with a high return on investment and a healthy value proposition, it has become an attractive proposition. The main reason for the general public to enter the market to invest in NFTs, and then rapidly expand the market value.” The second time period is the period of rapid decline in STEPN’s market value, that is, after May 2022, the second time period came to the conclusion that “due to the decline in the investment rate and decentralized information asymmetry, causing a large number of investors to stop their losses and leave the market”, and concluded that “the changes in customer descriptions do not match the generation of the STPEN value map”, and finally the two-stage value proposition map and business model comparison analysis It is concluded that "the high investment rate attracts investors, because the investment rate drops sharply, causing investors to lose money, and when the cost invested by investors through the purchase of STEPN NFT becomes the only source of investor return, the business model is identified as a new type of Ponzi economy is formed when the new revenue method does not increase the customer benefits of health, entertainment experience, and social interaction before the government has identified it as a Ponzi scheme.