The circular economy offers a way for businesses to conceptualize sustainable economic activity with a concern for environmental and societal well-being. Putting this concept into practice is a complex undertaking, given the current production and consumptionsystems, and necessitates strategies that enable competition andcooperation between various actors to generate and scale up the best ideas. Simultaneous competition and cooperation, or coopetition, is studied in strategy literature within the context of managing the complexity of business networks. Coopetition could offer valuable perspectives for firms transitioning to circular models. The purpose of this paper is to show how coopetition could be operationalized and optimized using tokens in a blockchain to support a transition to circular models of value creation and appropriation. The findings of our study indicate that tokens could enable previously disconnected product ecosystems to converge and unleash the waves of creativity and innovation required for circular business models. However, facilitating such convergence would require the coopetition models to transition from comprising the current stages of value creation and appropriation to being based on value creation and circulation.

循环经济为企业提供了一种概念化可持续经济活动的方式，同时关注环境和社会福祉。鉴于当前的生产和消费系统，将这一概念付诸实践是一项复杂的工作，并且需要使各种参与者之间进行竞争和合作以产生并扩大最佳创意的战略。在管理业务网络复杂性的背景下，在战略文献中研究了同时竞争与合作或合作。合作竞争可以为企业过渡到循环模型提供有价值的观点。本文的目的是展示如何使用区块链中的代币来实现竞合，以支持向价值创造和挪用的循环模型的过渡。我们研究的结果表明，代币可以使以前断开连接的产品生态系统融合并释放循环业务模型所需的创造力和创新浪潮。但是，促进这种融合将需要竞争模型从包括价值创造和使用的当前阶段过渡到基于价值创造和流通的阶段。