(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.
