I think play to earn as a model has failed, the high inflation rate of these tokens makes them bad for holders. look at Axie that pioneered this model, people were able to game the process. I believe the model of Microsoft and Sony will still stand the test of time, the reason being that the quality of games in the blockchain space is still  low, so for blockchain games to compete in the big league, they need to start to deliver quality games to the players, most people playing games to enjoy it and have fun and  do not care about tokens but the quality of the graphics and the storyline