A new report from an advertising company says the Cardano (ADA) brand is connecting with users more than any other crypto asset in the space.
New York-based MBLM, which bills itself as a “brand intimacy agency,” compared more than 600 brands across 19 industries by using artificial intelligence to analyze more than 1.4 billion words across the internet.
According to the company, brands that have a strong emotional connection to their customers or users tend to outperform the stock market. MBLM also says that intimate brands “delivered superior results across profit and stock.”
Looking at the crypto space, the firm says the top-performing asset in terms of brand intimacy is smart contract platform Cardano.
“New entry Cardano is not only the highest-ranked crypto brand but also the highest performing financial services brand in our study, ranking 26th overall.”
In terms of the overall sector, MBLM reports that crypto has the eighth-highest brand intimacy of any of the examined industries. Crypto is behind media and entertainment, tech and telecom, retail, automotive, gaming, consumer goods and apparel, respectively.
Crypto ranked ahead of numerous notable industries including health and hygiene (9th), sports leagues (10th), beauty and personal care (11th), financial services (14th), apps and social platforms (15th) and travel (19th).
Cardano’s native token, ADA, is trading at $0.448 at time of writing. The Ethereum (ETH) competitor is up nearly 4% on the day but remains down more than 85% from its all-time high of $3.09, which it hit almost exactly one year ago.
Read MBLM’s full brand intimacy report here.
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(Kitco News) – The most recent Brand Intimacy Study conducted by MBLM had an interesting outcome in the realm of cryptocurrencies as it revealed that the top-ranking crypto brand among those surveyed was Cardano (ADA), with a quotient score of 52.6.
The Brand Intimacy Study utilizes artificial intelligence and big data to rank the perceived intimacy level of more than 600 of the world’s leading brands by their customers. The study measures intimacy by reviewing emotional connection, archetypes, and stages (sharing, bonding, fusing) to determine a quotient score between 0 and 100. The higher the score, the more intense the emotional relationship with a brand.
This was the first year that the category of “crypto” was added to the Brand Intimacy Study, and the sector’s performance “reveals how users engage with different crypto brands and tests their loyalties in the ebbs and flows of the volatile crypto landscape,” according to MBLM.
Crypto as a whole ranked eighth out of a total of 19 different industries, performing better than the cross-industry average of 36.8 with an average intimacy quotient score of 37.7. The Financial Services industry ranked 14th with an average score of 32.1.
“This may point toward younger generations shifting away from investing in traditional financial services in favor of crypto,” MBLM said.
Diving deeper into the cryptocurrency data, Cardano’s quotient score of 52.6 outranked several more well-known crypto brands, including Bitcoin (BTC), which has a quotient score of 51.9, and Ethereum (ETH), with a score of 42.8.
On the full list of brands, Cardano ranked 26th while Bitcoin ranked 30th and Ethereum was number 120 on the list. Polkadot (DOT) also outranked Ethereum with a quotient score of 43.5, giving it a rank of 111.
For comparison, the overall top-ranked brand was Disney, with a score of 68.1, followed by Tesla, with a score of 67.5, and Apple, which scored 65.3.
Crypto sector archetypes
The Global Intimacy Study looked at six different archetypes to help calculate its quotient score: Indulgence, Fulfillment, Identity, Nostalgia, Ritual and Enhancement.
According to MBLM, the dominant archetype for the crypto industry is fulfillment, “which centers around exceeding expectations and delivering superior, efficient service.” Enhancement, which focuses on customers’ lives becoming better through the use of the brand, was also a top performer in the crypto category.
Despite the fact that Bitcoin is the most widely held and traded digital asset, Cardano has built stronger emotional connections, which propelled it to the top of the crypto rankings, MBLM said.
The dominant archetype for Cardano “leans heavily toward indulgence, which centers around pampering and gratification.” This was quite different from Bitcoin, which “performed the best in the ritual archetype, suggesting the brand has become more ingrained in people’s daily lives and is an important part of their daily existence.”
MBLM pointed to the age difference between these two projects as one of the main influencing factors leading to such a stark difference in their top archetypes.
“As Bitcoin becomes increasingly accepted as a dependable form of currency, its use becomes a normalized habit. Meanwhile, Cardano’s novelty means investing in it feels like an indulgence or special thrill,” the report said.
“Cardano’s lower price and novelty offers its users the opportunity to indulge in taking a risk, without having to invest as much money upfront, in the hopes they will see the coin’s price skyrocket. Its messaging is also more inviting, encouraging a relationship and highlighting the currency’s bold aspirations.”
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
]]>Recently, there has been a lot of activity in the cryptosphere. However, the Vasil hard fork’s introduction has been highly anticipated by the Cardano [ADA] community. Several people have commented that the asset was priced excessively during this time, and a few others have noted that it was a ghost chain. The network acquired the moniker “ghost chain” since it wasn’t as well-liked as its competitors. But when support for Cardano poured in from a variety of platforms, things appeared to be shifting for the network.
Amidst all that there’s more to add to the network’s happiness. Cardano (ADA) is the most intimate crypto brand, per the MBLM Top Brand Intimacy 2022 study. The well-known crypto company had a quotient score of 52.6 in the study. Overall, the business came in at number 26, with Disney taking the top spot with a score of 68.1.
Cardano sits after Ford whose score is 52.7 and before Nestle whose score is 52.5. On the other hand, Bitcoin (BTC) scored 51.9, placing 30th overall.
With a score of 43.5, Polkadot (DOT) placed 111th, and Ethereum (ETH) placed 120th with a score of 42.8.
The Brand Intimacy Study by MBLM examines the feelings consumers have for the brands. Artificial intelligence (AI) is used in the study to evaluate how customers feel about the companies. The study looks at intensity, archetypes, and stages to assess how intimate the connection is, based on a quotient score between 0 and 100. The stronger the emotional bond with a brand, the better the score.
Additionally, out of 19 industries, cryptocurrencies were added to the list for the first time, debuting in position 8. Cryptocurrencies have done better than conventional financial services, according to MBLM. The researchers highlighted the need for regulation and investor protection in order to achieve sustainability.
Cardano’s ‘oomph’ factor
According to the study, Cardano’s creators’ efforts gave it a competitive advantage over Bitcoin (BTC), the first cryptocurrency.
Cardano’s success was largely attributed to its ability to reduce risks and lower investment costs. The report also draws attention to the network’s branding, which presents it as a platform for helping changemakers.
The strongest archetype for Cardano, according to the research, is indulgence. Furthermore, “in some type of intimacy with the brand” are 41.1% of users.
Different cryptocurrency projects are jostling for market dominance as the general sector matures. In this line, projects with more use cases appear to resonate well with diverse audiences.
In particular, decentralized blockchain Cardano (ADA) has emerged as the top cryptocurrency brand, with a quotient score of 52.6, according to the MBLM Top Brand Intimacy 2022 report.
Cardano ranked in the 26th position overall, toppling other mainstream brands like vehicle manufacturer Ford (NYSE: F) and food processing firm Nestle.
Elsewhere, Bitcoin (BTC) ranked second among digital asset brands and positioned 30 overall, followed by Polkadot (DOT), with an overall rank of 111. At the same time, Ethereum (ETH) stood in position 120 and is the fourth intimate crypto brand.
The MBLM’s Brand Intimacy Study focuses on the largest brands based on emotions, and the ranking leverages technological tools like 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 outperformed crypto Bitcoin
According to the study, several initiatives by Cardano developers have pushed the asset to outperform Bitcoin, a widely owned and traded cryptocurrency.
Notably, Cardano’s position was attributed to the lower investment costs and ability to minimize risks and the branding that promotes the network as a platform that seeks to serve all changemakers.
“Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create the possibility for 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 align with the ongoing Cardano network development that aims to make the blockchain better in an attempt to take over platforms like Ethereum.
For instance, 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 across 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, alongside standing out as a key part of consumers’ daily existence.
It is worth mentioning that cryptocurrencies were included on the list for the first time, with the sector debuting in the eighth spot out of 19 industries.
“This is indicative of users’ increasing frustration with traditional financial services. A decline in trust and an increase in disdain toward these institutions may prompt disgruntled users to search for an alternative,” the report added.
In general, MBLM acknowledged that cryptocurrencies had outperformed established financial services, a factor that will impact the future of both industries. However, the researchers pointed out that sustainability will depend on regulation and protecting investors and users, especially in the wake of crypto brands like Celsius filing for bankruptcy.