Strictly speaking this compression technology developed by the Fraunhofer Institute is called MPEG 1 Layer 3. In the meantime, however, it's only called MP3 for short among experts. That's what we do, too.
But more important is what there is to it: It is hardly conceivable that a reduction of audio data by up to 90% does not result in an audible loss of quality. This compression technology is based on psychoacoustics, i.e. perception of sound by people. In long series of scientific tests it has been found out what a person can actually hear, what is essential in hearing. And this is exactly what MP3 compression is about. All other, unimportant signals clearly fall victim to the compression!
However, the result is really worth hearing. Only trained ears will be able to notice the difference between the compressed music and the original one although this also depends on the type of music. The compression of solo instruments is more critical than that of pop arrangements. Your can choose the extent of compression yourself, which means that you can influence the quality and choose the right compression suitable for your music.
Gaining first experience with MP3 is something to look forward to!