> It losslessy compresses images to a similar size of PNG

It's worth pointing out that in cases where PNG is still the most reasonable format to use, compression gains are frequently left on the table. I frequently see 20-30% additional compression with tools like ect ("efficient compression tool"), oxipng, and zopflipng, and that's starting with images that are already pretty well compressed (using the strongest settings available from traditional PNG libraries). In other words, even PNG compresses better than PNG. :-)

Case in point: I downloaded the sample images in the zip on the page and recompressed them with ect. It took only a few seconds, but 4 of the 7 sample images could be further compressed by more than 33%! After compressing them as much as I could achieve, the resulting PNG images were only 77% the size of the QOI images. Compression gains of 23% are nothing to sneeze at when it comes to lossless compression.

Of course, that's not to say that something like QOI wouldn't be useful. Even if it wasn't, I do love seeing tiny but effective implementations of algorithms like this - well done.