I thought I was going crazy when the oldest version of this site was from 2012 in archive.org, when I distinctly remember seeing this in the late 90s. (like 1999 or something)

But I found the original artist, as far as I can tell, and this art was done in 87'-97'. The 8bit palette cycle is not new, you could it with a number of methods way back, but it's oddly still incredibly impressive.

https://www.markferrari.com/image-archives