How do P2E games make money?

I'm curious to understand how P2E, or Play-to-Earn, games actually generate revenue. Do they rely solely on in-game purchases and transactions, or do they also incorporate advertising and sponsorships? Are there any unique monetization strategies that set P2E games apart from traditional gaming models? Additionally, how do the players themselves earn money within these games, and what are the potential risks and limitations of this model for both game developers and players?