I couldnt agree more with your analysis. There is inherent demand from the gamers who love to use "tokens" and this gives them a way to convert back to fiat if they wanted to for whatever reason.
I went pretty deep on the Enjin presale.
I definitely give extra value and weight to any ICO that has a functional product.
And an even bigger weight to an ICO that has a network of users.
I believe Enjin has the biggest network we've seen yet for an ICO.
And I love what they're going to do with the smart contracts with the items.
Gamers are already used to "tokens" from gaming and this gives them an easy to way go from "game token" to fiat.
LOVE IT!