I have some thoughts of how real play2earn will look in the future but I will hold back for now.
Unless we are all selling our privacy to advertisers, any P2E variation is going to have winners and losers (if we insist on only looking at the financial side).
A lot of talk is going around that Splinterlands has proven the play2earn model
It has but so did tennis/golf/ice hockey 100 years ago.
There may be a way to do it without selling privacy to advertisers, but that will most likely be the next step taken by a bunch of companies, as it is the lowest hanging fruit.