本研究以雙元研究設計探討 Play-to-Earn（P2E）區塊鏈遊戲之可持續性，結合鏈上數據分析與使用者認知調查，建構更為全面的解釋架構。第一部分透過涵蓋九款鏈遊、時間橫跨 2020年5月至2025年2月的面板資料，運用隨機效果迴歸模型檢驗多項代幣機制（如交易量、燃燒設計、質押機制與單/雙代幣架構）對玩家活躍度（以獨立活躍錢包數衡量）之影響。結果顯示，代幣交易活躍度與燃燒機制對玩家參與具顯著正向影響，而雙代幣設計與治理型質押則可能抑制參與意願。
第二部分則以問卷方式探討玩家的主觀認知與態度，並透過探索性因素分析歸納出四大心理構面：遊戲體驗與價值感、代幣參與機制設計、宏觀市場預期與遊戲內供需動態，接著進一步以迴歸與分群分析。結果顯示，不同類型玩家對於可持續性之認知與行為傾向存在顯著差異，尤以重視制度設計與遊戲體驗者之參與意圖較為強烈。
透過綜合客觀行為資料與主觀心理認知，有助於彌補單一面向所帶來的解釋限制，進一步深化對P2E遊戲永續性驅動因子的理解，根據分析結果顯示，可持續性的形成並非僅依賴技術設計或經濟誘因，更高度仰賴玩家對制度正當性與平台信任的主觀評價，此一觀察對於開發者、平台設計者與政策制定者在優化代幣經濟、提升用戶黏著度與設計更具包容性的治理結構上，提供了具體的實證基礎與多面向的策略建議，亦為未來學術與產業實務研究提供理論深化與方法參考。

This study explores the sustainability of Play-to-Earn (P2E) blockchain games through a dual research design combining on-chain data analysis with user perception surveys. The first part constructs a panel dataset across nine games from May 2020 to February 2025 and applies random effects regression to examine how token mechanisms—such as transaction volume, burn mechanisms, staking, and dual-token systems—affect player activity (measured by unique active wallets). Results show that high trading volume and burn mechanisms are positively associated with user engagement, while dual-token structures and governance staking may hinder participation.
The second part investigates players’ subjective attitudes through a structured questionnaire and identifies four key cognitive factors via exploratory factor analysis: gameplay experience, token mechanism design, macro-market expectations, and in-game economic signals. Regression and clustering analyses indicate that sustainability intentions vary by player type, with experience- and system-oriented users showing stronger engagement.
By integrating objective behavioral data and subjective user insights, this study offers a more comprehensive understanding of what drives sustainability in P2E games. The findings provide practical implications for developers, platform designers, and policymakers seeking to optimize token economies and enhance user retention.

論文審定書 i
誌 謝 ii
摘 要 iii
ABSTRACT iv
目 錄 v
圖 次 vii
表 次 viii
第一章 前言 1
第一節 研究背景 1
第二節 研究動機 4
第三節 研究問題 6
第二章 文獻回顧 8
第一節 區塊鏈技術與代幣經濟學的興起 8
第二節 P2E遊戲的經濟脆弱性與治理失衡問題 8
第三節 代幣機制設計的關鍵要素與挑戰 9
第四節 研究缺口與整合理論貢獻 10
第五節 用戶觀點的必要性與本研究的擴充設計 10
第六節 文獻回顧整理 11
第三章 研究方法 14
第一節 整體研究架構與方法論 14
第二節 P2E鏈遊實證資料分析 15
第三節 P2E可持續性的使用者觀點分析 24
第四章 研究總結 38
第一節 雙元研究總結 38
第五章 結論與建議 40
第一節 實證資料與使用者觀點的整合洞見 40
第二節 未來研究與P2E鏈遊生態發展方向建議 42
參考文獻 47
附錄 49
一、研究問卷(中文版) 49
二、研究問卷(英文版) 52

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https://lloydslist.maritimeintelligence.informa.com/LL1127237/Digitalisation-survey-identifies-owners-enthusiasm-for-new-tech--along-with-the-common-need-for-a-solid-business-case-to-justify-investment