I don't think anyone should consider the Play to Earn NFT as an investment, it's too much of a risk compared to the actual chance you actually get some profit. Like playing lottery, it's collectible so you should treat it like a collectible, buy it if you like it, and if this think actually get you some profit then it's a bonus. Don't treat it like a stock or other crypto investment, when you put your money to hope gain some profit.
You summed it up really well. If you buy an NFT product you like for collection purposes only, you can earn money without any expectation. If you buy and sell NFT assets just to make money, you will likely be making a loss. Here, I think it is necessary to follow dappleri artists, games etc. very deeply in order to choose NFTs well. Communicate with NFT communities, then money can be made, but when you dive too far, your money can fly.
It's very hard to keep track of these because it is not just straight up one place that talks about it. If you know what you are looking for and you are in the NFT world fully, then you may find ones that actually has some attention towards and that will be great, but when we are talking about a situation where it is not going to be 100% involved, then you are at a very big risk.
Games with NFT doesn't matter, if you are an early investor like on a launchpad then you are risking the game never taking off, maybe there would be only 10 players, how would you know? Hence, it is always better to be in projects that already have some interest so you can ride that hype as well.