the most advantageous are those who enter early, can understand the meta quickly and get cheaper character prices, the concept of Play to earn is sometimes more like pay to win now, you have to have stronger characters to win.
Almost all the play to earn games loses value over time. This means if you have invested in play to earn games, a few month ago, you would be in a big loss. Axie Infinity is a perfect example for this where a team of three axie cost you around 1200-1500$ two month before. Now the same team can be formed in around 150-300$. Think about those early investors, who must be in a big big loss. The reason for this is poor planning from the game developers who do not think if the game is sustainable over time.