Definitely. JPEG2000 uses a wavelet transform instead of the DCT to achieve similar goals. One way to think of it is your transforming to some other basis. You

Definitely. JPEG2000 uses a wavelet transform instead of the DCT to achieve similar goals. One way to think of it is your transforming to some other basis. You could do something similar with any vector base change where you go from a dense representation to a sparse one. Think of things like an eigen decomposition where most of the eigenvalues are small or zero and can be ignored