# Implied Value Index

## Verified Data, Aggregated On-Chain

The Implied Value Index is Volume's on-chain aggregation of complete artist success data, creating an immutable foundation for decentralized applications.

### What is the IVI?

Through publishing integrations, streaming distribution, commerce platforms, and fan engagement tools, Volume captures complete artist data. This verified information is aggregated on-chain, creating the **IVI**—an on-chain source of truth for artist success.

### Data Sources

The IVI aggregates verified data from:

1. **Distribution Analytics**
   * Stream counts across 100+ platforms
   * Download metrics
   * Geographic performance
   * Platform-specific engagement
2. **Publishing Revenue**
   * Performance royalties (ASCAP)
   * Mechanical royalties (MLC)
   * SoundExchange non-interactive streaming
   * Global publishing (SongTrust integration)
3. **Fan Engagement**
   * Verified listening party participation
   * Smart contract-verified actions
   * Community engagement metrics
   * Pre-save campaign performance
4. **Commerce Data** (when launched)
   * Ticketing revenue and attendance
   * Merchandise sales
   * Tour performance

### Why On-Chain?

By aggregating this data on-chain, the IVI becomes an immutable, transparent, and verifiable record of artist success. This enables:

* **Artist tokens** - Token value backed by real performance data
* **Community governance** - Fan voting weighted by verified engagement
* **Algorithmic discovery** - Recommendation systems based on transparent metrics
* **Marketplace pricing** - Fair valuation for fractional rights sales
* **Investor confidence** - Auditable track record for funding decisions

### Real-Time Updates

Artists and stakeholders gain transparent, real-time metrics that reflect how fans actually engage with and support music in the modern era. The IVI updates continuously as new data flows through Volume's infrastructure.

### MLC Data Integration

Volume has full access to [**MLC data programs**](https://www.themlc.com/dataprograms), including DURP (Distributor Unmatched Recordings Portal). This allows us to remain diligent about metadata and detect if an artist has unclaimed royalties, also known as black box royalties, enabling advanced analytics and predictive modeling based on mechanical licensing data.


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