Web3 is very popular nowadays. I don’t see the point why you lose faith on it while most of the blockchain project is moving towards the application of Web 3.0.
There’s a lot of shit project that use “web 3” as category while their product is a mediocre project.
Probably you are just investing on pseudo web 3 project that’s why you suffer heavy loss on this project.
I believe his decision and statement is pushed by frustration like someone who have lost a lot of money to web3 projects, and that is because of his lack of knowledge and ability to align with the reality at hand and not following the trend and promises of high returns.