Absolutely. There are many projects which have been, and are still being created where they have no intention of developing anything. They're selling dreams. But there are also serious projects, solving real issues - and some of those will fail too.
It's early days, and there are a lot of sharks in the water. Easy money can be made, and while that's still the case, it's high risk. But with high risk comes high reward. You only need 1 of 100 [equal] investments to deliver >1000x return and you're a successful investor.
true story, bro ! its fascinating how things work :)