That does not change the fact that doing something for fun/enjoyment is not a time wasting. Even from the physical aspect. Life is not just/only about the money. Quite the opposite.
And time does not really exist anyway. Only in this physical world. But we are not really physical. We existed before we born on Earth, and we continue to exist after our physical human bodies die. Both being "born" on Earth and "dying" ("death") is just/only a transition. There is only the present and the eternity.
This is a very long topic.
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If you are not enjoy doing it, then it is indeed time wasting. If you enjoy doing it, then it is not time wasting. Enjoyment is an incentive itself. And the time you spend on it does not matter. I have hundreds of hours (very close to 500 hours) in League of Legends: Wild Rift, and I am enjoying it very much. Nowadays this is one of my favorite games. I am (and millions of people) having fun. This has nothing to do with time wasting. This is absolutely not time wasting.
Instead of that, why not do something productive?
Because we need fun, enjoyment, entertainment too. We are not robots. And it is not like I do not do productive things at all. I do. But not all day, every day. And I am sure that you do not either. You probably also watch movies, listen to music, etc. And playing play-to-earn games are not productive either. You earn money with them, but that is completely speculative, and nothing productive is happening during playing a play-to-earn video game, nor during playing any other video game.
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The problem with this is the fact that nowadays there are no play-to-earn games, which could provide long term fun, enjoyment and entertainment. So currently there is no real alternative. But maybe there will be in the future. Maybe League of Legends will also switch to play-to-earn model in the future. Fun, enjoyment and entertainment comes first in gaming. At least for me. If there will be real, fun, enjoyable and entertaining play-to-earn MOBA (or other) games, then I will play them. The developers have a good challenge. They have to create a game that is equal to (or better than) League of Legends. Or make the game play-to-earn. The play-to-earn "genre" certainly has the potential to revolutionize the gaming industry, but this depends mostly on the game developers. They have to make good games. Just like in the case of the "traditional" games. We will see whether they will do it or not.
Yep.
Now that some of the big businesses are embracing this technology and probably more will follow, that is possible.