Yep, lots of useless projects will go to zero. The strength is in the quality of the community and the commitment of the devs. If they are in this for the long haul, then values will continue to rise.
Can you imagine in 30 years when the metaverse is as common with our grandkids as the internet is today, what someone will think of an avatar of a bored ape which will be universally recognised as where it all started and will cost 10's of millions to acquire?