I know someone who played Axie as a nearly full-time job. I was surprised this was even possible! I hope the hack didn't rush his livelihood now, but at the same time, the person who dives into Axie as an early adopter probably also quickly finds an alternative livelihood.
It's sad that it is (or was) known as a "play-to-earn" game. This article aptly compares it to skill-based gambling.
I suppose a crypto game economy that can support people's livelihoods is plausible, as long as it is driven by real, creative, in-game value production, and has transparent and stable market mechanics.
As the article says, such a game would have to scale on an intrinsic "fun" factor rather than the prospect of making money. Otherwise, there is no real demand side in the market. Maybe Axie gets there before another game does!