Play to Earn has been around for many years, but the results have always been underwhelming. Here's an interesting comparison: directly giving cash to creators actually results in higher conversion efficiency. What does this indicate? It may be that token incentives are not as straightforward as USD cash. Users and creators ultimately trust tangible cash flow more than those constantly devaluing project tokens. It seems that relying solely on token economic models may not be enough to retain people in the long run; a combination of cash incentives and token incentives might be the right approach.