What is 水（みず）の泡（あわ）?
What does that mean?

水（みず） = water
の = a particle (attribute marker, joining 2 nouns)
泡（あわ） = a bubble

As water bubbles don’t last long nor be useful, 水の泡 means something like “fizz.”

今（いま）までの努力（どりょく）が水（みず）の泡（あわ）になった。
All my efforts so far came to nothing.

今（いま）までの努力（どりょく）が水（みず）の泡（あわ）と 消（き）えた。
= All my efforts so far went down the drain.

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