This is Why Meta might fail.

Meta might fail just because they are the first movers of the web3 space.
Generally,First movers don’t know what works and what doesn’t in their field, so they have to literally experiment with all possibilities which costs time and money.

But second movers have someone to look upon. They know what shouldn’t be done and what should be done differently.
So, second movers can potentially avoid those mistakes and focus on the things that matter the most
That’s pretty much why Orkut failed but Facebook succeeded.

In the case of Orkut, they lost most of their user base because of the rise in the number of fake accounts, duplicate profiles, and hate groups.
Facebook cleverly took action to eliminate this fake accounts issue and boom…
So, the odds of Meta succeeding financially are quite low. Because the business side of Web3 is still unexplored.

So, Meta might have to experiment with different things and figure out the right way to approach web3 from a business perspective which can cost them several million.