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I'm super excited to finally share our work, accepted to Siggraph 2023: https://research.nvidia.com/labs/rtr/neural_texture_compression/ Neural Texture Compression, where we create a novel compression algorithm and format explicitly designed for rendering and graphics.

Compressing whole material texture stacks and their mipmaps together, we beat the BC formats by 10-16x - while keeping the random access requirement.
At the lowest bitrates, we surpass JPEG XL and AVIF, despite those formats being entropy coded.