What are the limitations of the color palette in the JPEG format?

The JPEG format uses a 24-bit color palette, supporting up to 16.7 million colors (True Color). There are no limitations on the number of colors in the traditional sense, like in GIF (256 colors), because JPEG stores images in a format with 8 bits for each of the three color channels (red, green, blue). However, JPEG does not support transparency (alpha channel) and only works with colors in the RGB color space. It is also important to note that JPEG is a lossy format, so compression may introduce artifacts that affect color quality.