I’m pretty sure it won’t do that. There’s nothing to gain or compress if you are compressing individual blocks.
You not losslessly compressing individual blocks. You are losslessly compressing individual tiles of blocks. Each tile is composed of multiple blocks of lossy compressed pixels.
You can selectively load each tile into VRAM but you won't have the ability to randomly select pixel blocks within each tile so you need to decompress first and just keep the pixels in the texture block compression format while in VRAM.
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