Rumor has said that the ray tracing performance will be significantly better, as well.

RDNA 3’s next-generation RX 7700 XT is expected to be just as powerful as the present RX 6900 XT (RDNA 2) flagship – or perhaps better in certain areas.
In the newest Moore’s Law is Dead video, (opens in new tab) (MLID), a YouTube leaker known for his comments on CPU and GPUs, he claims that Intel is working on a new processor that will be faster than the current Xeon processors.
What this means is that according to MLID’s assumption, the mid-range RDNA 3 graphics card, likely to be dubbed the RX 7700 XT (the followup to the 6700, of course), will equal the conventional rendering performance of the 6900XT. While it’s possible that performance might improve marginally in 1080p (and slightly worse in 4K), it’s probable that the 7700 XT will be marketed towards 1440p.
The RX 7700 XT, which is based on the Navi 33 GPU, will outperform the 6900 XT when it comes to ray tracing, but MLID is a little more ambiguous on how much of a boost we should anticipate here.
For those of you who aren’t familiar with the term “monolithc,” it means that the 7700 XT will be made out of only one piece of silicon rather than several pieces.
Compared to Team Red’s existing devices, the 7700 XT will have faster clocks and more efficient power consumption — in fact, this will be a trademark of the RDNA 3 family. Although the VRAM will be slower than the 6700 XT’s (which is 192-bit), MLID believes that the quicker video memory will make up for the lower amount of GDDR6 video memory.
Could AMD’s low- to mid-range GPUs be the next big thing?
It is evident that this is a mid-range or lower mid-range graphics card based on the design choices taken with this GPU, such as the limitation of 8GB of video RAM.
According to the leaker, the card might cost as little as $400 or even $500 in the US, but MLID makes it obvious that if the alleged performance is accurate, this graphics card could be a real value (and maybe surpassing the existing flagship for ray tracing, and for 1080p gaming).
The 7700 XT delivers these kinds of frame rates on a power budget of roughly 200W, which is the cherry on top for potential next-gen AMD purchasers (MLID claims power usage will be about 180W to 230W, so it could even be under 200W).
With Nvidia’s Lovelace graphics cards being said to use 450W or more, things aren’t looking good for Team Green in that regard at this point in time. Especially if Nvidia’s next-generation graphics cards compel some gamers to consider a PSU update (not just an added expense, but a serious additional complication for the less tech-savvy out there).
We should keep in mind, however, that these are merely rumours and that RDNA 3’s performance and efficiency are still up in the air. AMD and Nvidia will release their new GPUs later in 2022, so only time will tell whether they are successful (Nvidia may beat Team Red to the punch for launch timeframe, though, going by the grapevine).