I wouldnt say its a failed experiment, nano delivered a good product for instant, feeless transactions, but nobody is interested because its not really a first world problem, money already works for payment and it works everywhere.
And regarding instant, feeless transactions - do you believe that electrons carrying current bank transfer messages are slower or more expensive than the ones carrying tokens (physicists, please forgive me)? The only reason token systems are temporary cheaper or faster is if they operate outside of law. Hardly a compliment in my opinion.
So in the end it seems there is just lack of political willpower to force global standard for bank transfers.