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.
The cost of team before are quite expensive but the price of slp and axs is not heavily dump as today and investors can recover what they invested in a short duration of time. Now the teams cost are quite cheaper that is because the value of the slp or the axs have also decline and it will now be harder for them to gain their investments.
Axie have a roadmap just like a typical crypto project therefore you cant say that the game is poorly planned but can we just assume that there are competitors and people have jumping to other games when they think the other game is more fun and more profitable? I think every crypto project have foreseen that possibility. It is unavoidable.