Intro into Music NFTs, current solutions for Music NFTs, New Music NFT Standard
Music NFT industry is becoming one of the most fast growing industries in web3. What most of us aren’t realizing is that the Ujo Music Team was bringing up the importance of tokenizing music as NFTs back in 2018. Highlighting the importance of digitizing and tokenizing digital copies of their music as improving direct relationship between musicians and their fans. Bringing independence to the artists as they don’t need to rely on major labels but artists can gain momentum by using blockchain and cutting big corporations off their business models. Blockchain gives us independence amongst many other advantages, in the music industry it means a way more.
NFTs are usually referred to as picture on-chain, but NFT is more than just on-chain JPEG. NFTs on Ethereum are built on smart contracts which are standardized in most cases as ERC-721, sometimes referred to as ERC-1155. If you do lack understanding of what ERC means, you can read this article in order to understand ERCs and it's fundamentals. This article is deep dive and overview of Metadata and issues the NFT ecosystem is facing with metadata.
In the NFT space it's pretty known that we are facing a lot of issues which are usually attached to the lack of technical development of ERC-721 as the most used NFT Standard. The main issue with this standard is associated with Metadata. There are numerous issues of how not so competent this standard is and people like Transmissions are sharing insights how this standard can be improved. But before you start hating this standard, you need to understand the fact that ERC-721 was created in 2017 when the Ethereum chain was "in diapers''. The ERC-721 was proposed to allow smart contracts to operate as tradable tokens similar to ERC20 token standard as we were missing having the option to create and trade non fungible items on chain. It is the most used standard that NFTs are being minted using this smart contract, which is being modified by marketplaces in order to add functions to it which the basic standard is missing.
The fact that ERC-721 - the most used NFT standard is super simple - is giving a ton of headaches to the developers. This standard defines metadata as tokenURI which is referring to IPFS (or other storage provider service) URL (link).