Will it happen? I'm not so sure, I hope that it does because I want to see the market of cryptocurrencies permeating into every single industry, but right now my expectations are kind of low.
It can be stated objectively that up until now there has not been a successful playtoearn project, including Axie Infinity, since the purpose of all these projects is to make money, not to create a real and meaningful game. So once it leads to a recession, people will run away and say it's dead.
If blockchain companies as well as traditional game companies really come together and make a real game then I think things will be different. The game industry never goes out of style, its potential is huge, I guess the big boys in the industry will not ignore it. It will be back soon with a newer look.