Unreal Engine 5 is out in alpha, this is our Nanite works

[Legend]

Nanite Virtualized Geometry | Unreal Engine Documentation


TLDR: traditional lod applied recursively within triangle chunks, combined with compression and a lot of impressive magic.

Because of the focus on compression, this can use similar amounts of storage to current/last gen meshes. Doesn't work well for chaotic stuff and can't work for animated stuff like trees blowing in the wind.