XPM is the superior image format. Here's an example:
chromium.googlesource.com/chromium/src.g
Here's how it looks in Vim with true color support enabled:
paste.xinu.at/jF7MV
Most Vim users don't realize they're misusing an image manipulation tool as a text editor.
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There are all these fancy modern image formats based on HEVC, AV1, etc. but how many of them can be compiled to an object file with Clang and loaded in a debugger? Clearly, something went wrong standardizing those.
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In case you actually want to know something useful, here's how to enable true color support for console Vim:
let &t_8f="\<Esc>[38;2;%lu;%lu;%lum"
let &t_8b="\<Esc>[48;2;%lu;%lu;%lum"
set termguicolors
Once that's enabled, it will render XPM images using syntax highlighting.