Contrarian take. It’s not publishers or infra companies who make the most money, it’s unique IP and platforms with defensible network effect. Therefore, most L1s and L2s will be violently repriced once real products find actual PMF w/ a token flywheel. Prior to PMF, it’s not clear who will win so smart money hedges by buying infra. Look at the web3 gaming category as a case study. Many commodity infra promising distribution, all valued way more than any particular game. Bookmark this and check back in a few years. This is systemic, not just gaming.