A NeRF takes over both the role of the file format and part of the rendering in the form of a neural network. You feed in a world coordinate and a viewpoint and you get an RGB tuple and density out of it. If you interrogate the NeRF enough you can render any traditional 2D or 3D image out of it by combining all the datapoints.
One theoretical benefit is that that a NeRF is a continuous function, so the resolution is only limited by the capacity of the neural network. Another cool thing is that a NeRF is trained on pictures (with info about where they were taken from), so if you train a NeRF successfully in high-res it’s like scanning an object. A major practical challenge is that it is (was?) pretty frickin’ slow to work with. I wrote a more elaborate comment about it on the previous NeRF improvement post [1]. There I closed with:
> It would be amazing to have NeRF-based graphics engines that can make up spaces out of layers of NeRFs, all probed in real-time.
Here they’ve taken a major step in that direction by speeding up the rendering 3000X.