Various cryptocurrency projects are struggling to dominate the market, and it’s no surprise that blockchains with more use cases are resonating with audiences.
According to MBLM’s Top Brand Intimacy 2022 report, the decentralized blockchain Cardano (ADA) was the top brand among cryptocurrencies with a score of 52.6.
Cardano ranked 26th overall, ahead of other brands including car manufacturer Ford and food manufacturer Nestle.
Among cryptocurrencies, bitcoin (BTC) ranked second and 30th overall, followed by Polkadot (DOT) at 111th. Interestingly, Ethereum (ETH) came in a more modest 120th place.
MBLM’s research focuses on the biggest brands and uses technology tools such as artificial intelligence to compile the rankings. They are used to assess how consumers relate to brands, how often they use it and how they perceive it.
The rating scale assumes a score from 0 to 100: the higher the score, the stronger the emotional relationship with the brand.
The first place of Cardano altcoin is explained by certain initiatives of the developers, which will help the project to surpass the most popular and widespread bitcoin. Among them is the Vasil hardfork, which can make the blockchain more scalable.
It is worth noting that cryptocurrencies were included in the list for the first time, and the sector debuted in eighth place out of 19 industries.
The outcome demonstrates the growing dissatisfaction of users with traditional financial services. Declining trust and growing disdain for these institutions may encourage disgruntled users to seek alternatives,” the report explains.
Overall, the MBLM team acknowledged that cryptocurrencies have outperformed individual financial services, a factor that will serve to further develop the industry. However, the researchers noted that sustainability will depend on regulation and investor protection.