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It's just a testament that there are more investors in the gaming industry right now than actual gamers.
There are only a few willing to spend time build their accounts while not gaining much in return.
It's a waiting game for the majority of crypto investors. They understand market volatility and you'll probably see them re-enter P2E games again once the world market recovers.
Whether it would make out some recovery or would be totally close out since each trend or whats new does have its end point but since this market does suffer external economic problems then there might be still some chance that it would really be going into the opposite side and would be getting much attention once again if ever these problems would be over but we shouldnt anticipate for it to happen so that we wouldnt really get frustrated if ever it would really be on its end.
That's just part of market speculation. I do think it's not yet over for P2E games since there are still major gaming companies that are looking into NFTs and Metaverse. There are also old projects that continue to build despite losing many players due to the drop in their native token's value. It's likely that these projects will emerge again when the dust settles.
Back into last 2 years where play to earn did really get soo much interest or when that DeFi make out some significant noise but we know that not all would really last forever.
Crappy projects definitely met their end but the very few legit projects are still here.