Cardano is the highest ranked crypto brand in the latest ‘Top Brand Intimacy 2022’ report
Various cryptocurrency projects are vying for market dominance as the overall sector matures. Along these lines, it seems that projects with multiple use cases appeal well to different target groups.
In particular, decentralized blockchain Cardano (ADA) has emerged as the top cryptocurrency brand, with a quotient score of 52.6, according to MBLM Top Brand Intimacy 2022 report.
Cardano ranked 26th overall, toppling other mainstream brands such as vehicle maker Ford (NYSE: F ) and food processor Nestle.
Elsewhere, Bitcoin (BTC) was ranked second among digital asset brands and ranked 30 overall, followed by Polkadot (DOT), with an overall ranking of 111. At the same time, Ethereum (ETH) stood at position 120 and is the fourth intimate crypto brand.
MBLM’s Brand Intimacy Study focuses on the biggest brands based on emotion, and the ranking leverages technological tools such as artificial intelligence to assess how consumers bond with the brands they use and love.
The research measures intimacy by reviewing intensity, archetypes and stages based on a quotient score between 0 and 100. The higher the score, the more intense the emotional relationship with a brand.
How Cardano surpassed crypto Bitcoin
According to the study, several initiatives by Cardano developers have pushed the asset to surpass Bitcoin, a widely owned and traded cryptocurrency.
In particular, Cardano’s position was attributed to the lower investment costs and the ability to minimize risk and the branding that promotes the network as a platform that seeks to serve all change makers.
“Cardano is a blockchain platform for change-makers, innovators and visionaries, with the tools and technologies required to empower the many, as well as the few, and bring about positive global change.” This may explain why Cardano leads in building emotional connections and stronger bonds with users,” the study said.
The findings are consistent with the ongoing Cardano network development that aims to improve the blockchain in an attempt to overtake platforms such as Ethereum.
For example, the network is waiting to deploy the Vasil hard fork that promises to make the blockchain more scalable. Additionally, as reported by Finbold, Cardano was also the most developed crypto project on GitHub in 2021.
Bitcoin more ingrained in consumers’ lives
Elsewhere, MBLM noted that despite Bitcoin lagging behind Cardano, the asset is more ingrained in users’ daily lives, along with emerging as a central part of consumers’ daily existence.
It is worth mentioning that cryptocurrencies were included in the list for the first time, with the sector debuting in eighth place out of 19 industries.
“This is a sign of users’ growing frustration with traditional financial services. A decrease in trust and an increase in contempt for these institutions may lead disaffected users to search for an alternative, the report says.
In general, MBLM acknowledged that cryptocurrencies had outcompeted established financial services, a factor that will affect the future of both industries. However, the researchers pointed out that sustainability will depend on regulation and protection of investors and users, especially in the wake of crypto brands like Celsius filing for bankruptcy.
