Various cryptocurrency projects are competing for market dominance as the public sector matures. Along these lines, projects with more use cases resonate better with different audiences.
Subsequently, Cardano had an overall rank of 2, higher than the other mainstream brands like Vehicle manufacturer Ford and food Processing firm Nestle.
While Bitcoin ranked at the second position amongst other digital assets brands, followed by Polkadot (DOT) at an overall rank of 111, with Ethereum at 120th position, and 4th in the Intimate crypto brand.
MBLM’s brand affinity study focuses on the biggest brands based on emotions, and the rankings are based and are accessed technologically via tools such as artificial intelligence to gauge consumers’ bond with the brands they generally use and prefer.
The research measures affinity by reviewing intensities, archetypes, and phases based on a quotient score between 0 and 100. The higher the score, the more intense the emotional attachment to the brand.
According to the study, several initiatives by Cardano’s developers have driven the asset to outperform Bitcoin which is the most widely owned and traded cryptocurrency.
In particular, low investment costs, the ability to mitigate risks, and the promotion of the network as a platform to serve those who change branding have contributed to Cardano’s position.
The study said that:
“Cardano is a blockchain platform for changemakers, innovation, and vision, the tools, and technologies needed to create opportunity for the many and the few and bring about positive global change.” This may explain why Cardano leads the way in creating emotional connections and strong relationships with its users”.
The results coincide with the ongoing development of the Cardano network, which aims to make blockchain better in an effort to embrace platforms like the Ethereum blockchain network.
For example, the network is waiting for the Vasil hard fork to be implemented on the blockchain network thus making the currently existing network more scalable. Also, as per reports, Cardano is one of the most developed crypto projects on GitHub in 2021.
Elsewhere, even if Bitcoin lags behind Cardano, the asset is well-entrenched in users’ daily lives and remains an important part of users’ daily existence.
Notably, cryptocurrencies made the list for the first time, placing the sector eighth out of 19 industries on the list.
“This indicates the growing frustration of consumers with traditional financial services. “Decreased trust and increased contempt for these institutions may prompt disgruntled consumers to look for an alternative,” the report further added.
Generally, MBLM acknowledges that cryptocurrencies have overtaken established financial services, which will impact the future of both industries. While on the other hand researchers suggest that stability depends on regulating and protecting investors and consumers, especially in light of crypto brands like Celsius that are now filing for bankruptcy.