Have we seen the last days of 100x projects?

Short and simple answer is No.

But not every project will moon the way we saw in 2017. And it will be difficult to get 100x at crowdsale price. VCs will certainly see 100x projects a few more times.

Retail investors are getting smarter and more demanding. Projects aren't filling soft caps like they used to. Infact it is getting more and more difficult to find very projects at the moment where anyone can invest profitably.

Part of the reason why we experience these bubbles is due to the lack of transparency between all sets of investors. As the space is still immature, projects can get away with raising funds at very high valuations, hiding lock terms of seed and strategic investors and dumping on retail investors. Eventually, someone has to pay for those high valuations.
VCs buy at seed/presale stage and sell at 5-20x or more to retail investors. Retail investors learned the trick in the bear market and I can see a lot are starting to question everything.

Some of the key things to think about when evaluating a project trying to raise:

Lock terms
Vesting terms
Are the terms coded in the smart contract?
Valuation of the project at different sale stages
Bonuses provided at every stage
Pegged to crypto/$?
What the project should really be valued at vs its market cap at launch. A large proportion of project are highly overvalued.

Aside from these, research the project to determine whether it solves any unique problem that we desperately need to solve. Are there any competitors? What are they doing and what are they struggling with?

Investors have become smarter and are now joining pools to invest in projects at better prices. The space is evolving quickly.

When the next bull run starts, BTC followed by the top 10 coins by market cap, will pick up before the hyped small cap projects start their rally to 100x. There will be a lot of projects that will not do anything whatsoever however. Some of these projects will have no money left for development or even a Telegram community manager!

There has been no way to govern how these projects have spent all the money they raised. A lot of them fly around the world to blockchain conferences inorder to announce a partnership so the price can pump 20%. One of the greatest assets of an investor to these projects is the funds you provide. Don't give it away easily because when the experiment fails, there is only one loser.

The top down approach of project funding needs to change otherwise greed will always prevail and you'll have 50 crypto projects cropping up every week. This will inevitably lead to a market bubble.