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Two major emerging standards, MPEG-4 and JPEG-2000, have recently adopted wavelet-based coding as the basic framework for coding still images and textures. Although both MPEG-4 and JPEG-2000 are based on wavelet coding, they are different. This paper presents an overview of these two emerging standards and highlights the differences in terms of coding scheme, performance, scope, functionalities, and applications. Both qualitative and quantitative comparisons are provided.