The main considerations for new Music NFT standard which should be applied: These points were scooped from MintSongs & Catalog Working Group.
Backwards compatibility for frozen metadata, once the metadata gets frozen ie uploaded on chain we should be able to work with them afterwards
More optionality and powerful royalties that don’t lean too heavily on the intricacies of the Web2 space without complying past standards, this has to be new but usable
Token as primary metadata authority for aggregators, data integrity and control the rights of artists and labels, allowing these roles to function as composable permission-less structures
Expanding scope of — use Music Token Standard instead of Music NFT
Type of data has to be future proof, if we are going to create a standard we have to make sure it will be useable in the future too, metadata should have 3 types of metadata: descriptive, ownership & performing rights, recommendation data — tags
Metadata should also cover 3 levels of the product — album release, recording data, composition data about rights grated with the sale
Existence of album tokens with interoperability with song tokens
Reference name of metadata standard as version number
Source: https://anettrolikova.medium.com/music-nft-standards-overview-696ba3ee889c Reference to: https://www.notion.so/mintsongs/A-better-music-token-metadata-standard-260506f3a5b342c6b0c893892f37e711