As with any form of poker you have to beat the rake which is exceptionally high but not much higher than a low stakes MTT.
In most MTTs you start with at least 100BB, which leave lots of room for play. If you run even a bit deep, you play at least 200
hands, and during each of those 200 hands some players will make better decisions than others. In an 888 BLAST you start with 7,5BB, which mean, that often the tournament is over after just 1-3 hands, and your only move is to push or fold preflop. In order for anyone to beat the rake long term in such a format, the opponents have to be absolutely terrible.
sharkscope has leaderboards, and for
888 Poker SnGs the 2023 leaderboard is topped by a player called lavrusha1982. Among his last 8 played games are some $1 BLAST games as well as some MTTs. However if we look at his Breakdown, then he made the vast majority of his money ($64.009 life time profit) playing regular speed 6-9 man SnGs. Only in place 19 do we find a BLAST game, which is the $1 version. He has played 458 of those and lost $31. 458 is a small sample but still a pretty good indication, that even the best SnG regs can not make any money in BLAST.
Is it a complete waste of time or can it be done?
This format is a complete waste of time. If you are going to play Spins, then at least play them on sites, where they give you 25BB to start with.