Many projects didn't have reasonable or tangible product to back their projects and without that, the project will never last long and it will also end in scamming investors or turn to pump and dump project.
yes, the product or destination is the main thing that the project must have if you want to get a lot of investors. it is not surprising that many projects die because they are abandoned by investors because they are not clear or have the potential to grow. then the market conditions are also not supporting so many investors sell their assets because they don't want to lose too much.