Same story as with fractal compression algorithms. Patents shouldn't last that long.
Agreed that patents are too long, but wasn't fractal compression bunk? https://en.wikipedia.org/wiki/Fractal_compression Slow to encode, and there's no reason it should perform better than DCTs or any other modern image codec that's built around being machine-friendly.
The reason fractal compression sometimes got much better compression ratios than DCTs is apparently that it did a better job of capturing the structure of the world (a prior probability distribution), more than anything about the quirks of visual perception. We know lots of basis functions that are a little better at giving us sparse bases than DCTs for low absolute error on real-world images, even before any kind of perceptual weighting. IFSs aren't quite linear basis functions (I mean they're normally "linear", but what's being transformed linearly is the (x, y) vector and not the (r,g,b) vector), and it wouldn't be terribly surprising if they could do better still. Particularly given past examples of them doing amazing.