It's no surprise that 'Play2Earn' games are doing well, the crypto space has become normalised and people are looking for ways to build their crypto portfolio for the future.
They are unsustainable. You mean about Metaverse more accurately, not P2E games that can be very small parts of Metaverse.
A big GameFi project like Axie Infinity already decided to stop rewards for gamers in P2E mode that means a lot. Their growth hits a cap at least temporarily so that they can not attract new capital flow into Axie Infinity game ecosystem which can not help to maintain or lift the price up.
The stop of reward distribution in P2E mode helps Axie Infinity finds a better support in terms of token value. Meanwhile, it's good before a day for new outstanding product release that can lift price up.