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N^M, clearly.



Amateur.

Use the whole space [32x32x3 bytes = 3072 bytes] to encode a Busy Beaver.


It's still at most n^m different images.


True, but the posed question was "how much information can a small image contain", not "how many unique images are there"



What's the distinction?

Specifying an element from a set of 2^n members seems equivalent to encoding n bits of information.




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