Very few of them are good investments, and it really depends on the moment of the project you are investing on it. Axie Infinity is an example: those who invested before the hype were successful on their investments. But for investors who entered in the peak of the hype it was a bad move.

In general, it's better to avoid this category of investment, because it's just too risky and unstable. Crypto investors should focus in Bitcoin currency, while sparing only a small percentage of their total budget to altcoins and similars.

Most projects just want to milk money from investors without giving anything in counterpart. Their concepts are weak, don't have real usage and are copies of another products available on the internet. There isn't anything original and unique about most of them, so there isn't real value attached to the projects. It's all about temporary and speculative hype.