^^^
It keeps working because Alec Peters was able to get 'Prelude to Axanar' finished and out to the public and is VERY GOOD at selling the fantasy that Prelude was what it was SOLELY because of him -- which is utter BS; but to find that requires a bit of work.
The people that continue donate just go by what they see in Prelude; and his Industry Studios pitch video. I'll bet most of them didn't actually read anything beyond the first actual paragraph on the page or the 'Perks' list. <--- These are the SAME type of people who fall for e-mail lottery or phishing scams too.
The above said, it's working WAY less each time Alec does it. Yes, he did get approx 14,000 people to Pledge 1.4 million over 3 campaigns; but in comparison to this current campaign, it's 250+ for about $18,000.00 after 11 days. Yes, $18K is still sizable - but it's a far cry from what his previous campaigns generated. This is it for Alec Peters and crowdfunding - he's drained the Well, and will be on the hook for at least 6 months rent/utilities that he (supposedly) can't cover (which at 18K a month is $108000.00).
So, unless he managed to hold on to a lot more of the 1.4 million then he claims (which is entirely possible) - he'll still be left with a sizeable debt on his record.