隨著遊戲產業的不斷發展和WEB3.0時代的到來，區塊鏈技術作為一項創新的技術，對遊戲產業帶來了許多新的機會和挑戰。本研究的動機在於探討區塊鏈技術在遊戲產業中的應用時，如何思考創新的商業運營模式，並以賽馬場遊戲為例。賽馬場遊戲作為一個具有廣泛參與度和經濟價值的遊戲模型，對於區塊鏈技術的落地應用具有相當的潛力。本研究提供實證研究的彙整，深入探討如何利用區塊鏈技術實現賽馬場遊戲的商業模式設計，以及相關的挑戰和應對策略。透過研究賽馬場遊戲的商業模式，我們可以深入了解區塊鏈技術在遊戲產業中的應用潛力，並提供有價值的參考和指導，推動遊戲產業的發展和創新。
本研究採用深度訪談的方式進行資料收集，從不同角度切入，對GameFi產業進行了討論。研究樣本包括遊戲開發商、代理商以及資深遊戲玩家等專業人士，以獲取多元且豐富的觀點。區塊鏈技術可以為遊戲開發商提供透明、公平和安全等特點，以此吸引更多顧客並創造新的營收來源。但除此之外，賽馬場遊戲的商業模式設計也需要考慮廣告、NPC出租等多種收益來源來維持遊戲生態運作。另外本研究也探討了現實與虛擬賽馬場遊戲類別和現行法規等相關議題。研究結果還強調了區塊鏈技術的落地所面臨的技術門檻、使用者體驗和監管法規等挑戰，並提出了與相關部門合作、提高用戶教育和意識等策略來應對挑戰。研究結果對於遊戲開發者、代理商以及整個遊戲產業提供了實用的參考，並為區塊鏈技術在遊戲領域中的應用提供了有價值的貢獻。同時，本研究也關注遊戲產業中的法規和現實限制，並提出了相應的解決策略。期望這些研究成果能夠推動遊戲產業的持續發展和創新。

Motivated by the continuous development of the gaming industry and the advent of the WEB3.0 era, blockchain technology, as an innovative technology, has brought forth numerous opportunities and challenges to the gaming industry. The motivation of this study is to explore the application of blockchain technology in the gaming industry and examine innovative business operation models, using horse racing games as a case study. Horse racing games, with their wide participation and economic value, hold significant potential for the implementation of blockchain technology. This study provides a compilation of empirical research and delves into the design of the business models for horse racing games enabled by blockchain technology, as well as the related challenges and strategies. By investigating the business models of horse racing games, we gain profound insights into the potential application of blockchain technology in the gaming industry, offering valuable references and guidance to foster the development and innovation of the gaming industry.
This study adopts an in-depth interview approach to collect data and engage in discussions within the GameFi industry from various perspectives. The research sample includes game developers, agents, and experienced gamers, ensuring a diverse range of insights. Blockchain technology can provide transparency, fairness, and security to game developers, attracting more customers and generating new revenue streams. However, in addition to these aspects, the business model design of horse racing games also needs to consider multiple revenue sources such as advertising and NPC rentals to sustain the gaming ecosystem. Furthermore, this study explores issues related to the classification of real and virtual horse racing games and existing regulations. The research findings emphasize the challenges faced in the implementation of blockchain technology, such as technical barriers, user experience, and regulatory compliance, and propose strategies to address these challenges through collaborations with relevant stakeholders, enhancing user education and awareness. The results of this study offer practical references for game developers, agents, and the entire gaming industry, while making valuable contributions to the application of blockchain technology in the gaming field. Additionally, this study pays attention to regulatory and practical constraints within the gaming industry and puts forward corresponding solutions. It is our expectation that these research outcomes will drive the continuous development and innovation of the gaming industry.

吳宗仲（2021）。科技長照創新商業模式之研究-以H公司為例［未出版之碩士論文］。國立陽明交通大學管理學院高階主管管理碩士學程。
汪昌運（2020）。賦能與應用型創新商業模式之探討［未出版之碩士論文］。國立中興大學高階經理人碩士在職專班。
洪世章（2016）。創新六策。聯經出版公司。
張智翔（2019）。區塊鏈遊戲平台商業模式之研究［未出版之碩士論文］。國立政治大學經營管理碩士學程（EMBA）。
粘凌塵（2021）。婚顧平台結合智能客服機器人-創新商業模式評估［未出版之碩士論文］。國立中山大學資訊管理學系研究所。
莊欣霓（2021）。幹細胞製劑產業運用開放式創新商業模式與個案分析-以G公司為例［未出版之碩士論文］。國立清華大學經營管理碩士在職專班。
郭柳宗（2021）。N公司服務陪伴機器人平臺創新商業模式研究［未出版之碩士論文］。國立臺灣大學臺大-復旦EMBA境外專班。
蔡馥韓（2021）。軟裝設計在室內裝修產業創新商業模式之研究［未出版之碩士論文］。逢甲大學經營管理碩士在職學位學程。
鄭羽宸（2020）。社會企業之創新商業模式研究—以F公司為例［未出版之碩士論文］。國立政治大學企業管理研究所（MBA學位學程）。
Antonopoulos, A. M. (2014). Mastering bitcoin: Unlocking digital cryptocurrencies. O'Reilly Media, Inc.
Buterin, V. (2018). Ethereum white paper. Ethereum Foundation.
Christensen, C. M. (2013). The innovator's dilemma: when new technologies cause great firms to fail. Harvard Business Review Press.
De Filippi, P., & Wright, A. (2018). Blockchain and the law: The rule of code. Harvard University Press.
Johansson, F. (2004). The medici effect: What elephants and epidemics can teach Us about innovation: With a new preface and discussion guide. Harvard Business Review Press.
Kianieff, M. (2019). Blockchain technology and the law: Opportunities and risks. Informa Law from Routledge.
Lewis, A. (2018). The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology That Powers Them. Mango.
Osterwalder, A., & Pigneur, Y. (2010). Business model generation: A handbook for visionaries, game changers, and challengers. Wiley.
Swan, M. (2015). Blockchain economics: Implications of distributed ledgers: Markets, communications networks, and algorithmic reality. Wspc.
Swan, M. (2015). Blockchain: Blueprint for a new economy. O'Reilly Media, Inc.
Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: how the technology behind bitcoin is changing money, business, and the world. Penguin.
Voshmgir, S. (2020). Token economy: How the web3 reinvents the internet. Blockchainhub Berlin.
Wu, K. J., Tseng, M. L., & Chiu, A. S. (2012). Using the Analytical Network Process in Porter's Five Forces Analysis – Case Study in Philippines.
去中心化自治組織 (DAO). (2021). Ethereum. https://ethereum.org/zh-tw/dao/#main-content
Naavik. (2019, September 16). The 9 types of blockchain gamers. Naavik Digest. https://naavik.co/digest/blockchain-players
Advertising Week. (2019, March 29). Blockchain technology is entering the world of gaming. Advertising Week. https://advertisingweek.com/blockchain-technology-is-entering-the-world-of-gaming/
Udonis Blog. (n.d.). Blockchain gaming: The future of mobile gaming? Udonis. https://www.blog.udonis.co/blockchain/blockchain-gaming
Axie Infinity. (n.d.). Axie Infinity. https://axieinfinity.com/
Cygames. (n.d.). Derby Stallion. https://dabimas.jp/
Gamecity. (n.d.). Winning Post. https://www.gamecity.ne.jp/winningpost9/
Wang, G. (2021, February 24). 鏈遊經濟模型大揭秘》第二篇 雙代幣模型的分析：炒幣還是打金. Mirror. https://mirror.xyz/iamwgg.eth/VHpC5kG5GurbKgC8CsuP5p1lGpz74ho5qNumJgvSY4E
Silks.io. (n.d.). Game of Silks. https://www.silks.io/
ZED RUN. (n.d.). ZED RUN | Digital Horse Racing. https://zed.run/