I am still making money off axie infinity game, what do you mean by crypto doesn't create something that is actually used by people? Yet we are been rewarded for playing games, staking coins, etc.
All of that is not sustainable. It's like a Ponzi scheme that pays its participants until it doesn't. Crypto games will disappear when speculation will be over, because no one plays them for fun. Staking is not profitable if the coin is losing value faster than the rate of staking, and they will lose value because no one uses them for payments or as store of value.
The speculation opportunity is right but it's not entirely true, It sounds as if crypto projects won't survive if there is no speculation, I wonder what keeps these projects alive in a bear market then, because nothing great is going on right now, all of their coins and tokens should have just died.
They are dying, thousands of coins are now worth zero. But it takes more than one bear market to kill a coin. And for each useless coin that falls, a new one emerges, because crypto "investors" don't care about economic value, they just speculate.