When you read the comments on their announcement, you can see that this has already sparked interest in the developers of the Daala video codec. Both groups have already exchanged some source code with each other, and they seem to assume that they will one day come up with a joint (rather than competing) proposals for the NetVC standard. (Historically, a similar joint effort of the Vorbis and Silk developers was successful in turning Opus into the InterNet audio codec of IETF choice.)

And while traditional broadcasters and hardware vendors are still deeply invested in H.264 and H.265, the ever increasing popularity of streamed video content on the InterNet might one day push the scales of relevance in favor of IETF codec standards.

BPG (Better Portable Graphics) is a new image format. Its purpose is to replace the JPEG image format when quality or file size is an issue. Its main advantages are:

• High compression ratio. Files are much smaller than JPEG for similar quality.
• Supported by most Web browsers with a small Javascript decoder (gzipped size: 56 KB).
• Based on a subset of the HEVC open video compression standard.
• Supports the same chroma formats as JPEG (grayscale, YCbCr 4:2:0, 4:2:2, 4:4:4) to reduce the losses during the conversion. An alpha channel is supported. The RGB, YCgCo and CMYK color spaces are also supported.
• Native support of 8 to 14 bits per channel for a higher dynamic range.
• Lossless compression is supported.
• Various metadata (such as EXIF, ICC profile, XMP) can be included.
• Animation support.

Find the description, details and links at bellard.org.

For an online comparison of BPG with other still image codecs have a look at this demo.

BTW: Meanwhile, the Daala development team is still struggling to achieve intra-frame encoding on par with HEVC without using patent-encumbered technology.