Dynamic point cloud is a volumetric visual data representing realistic 3D scenes for virtual reality and augmented reality applications. However, its large data volume has been the bottleneck of data processing, transmission, and storage, which requires effective compression. In this paper, we propose a Perceptually Weighted Rate-Distortion Optimization (PWRDO) scheme for Video-based Point Cloud Compression (V-PCC), which aims to minimize the perceptual distortion of reconstructed point cloud at the given bit rate. Firstly, we propose a general framework of perceptually optimized V-PCC to exploit visual redundancies in point clouds. Secondly, a multi-scale Projection based Point Cloud quality Metric (PPCM) is proposed to measure the perceptual quality of 3D point cloud. The PPCM model comprises 3D-to-2D patch projection, multi-scale structural distortion measurement, and fusion model. Approximations and simplifications of the proposed PPCM are also presented for both V-PCC integration and low complexity. Thirdly, based on the simplified PPCM model, we propose a PWRDO scheme with Lagrange multiplier adaptation, which is incorporated into the V-PCC to enhance the coding efficiency. Experimental results show that the proposed PPCM models can be used as standalone quality metrics, and they are able to achieve higher consistency with the human subjective scores than the state-of-the-art objective visual quality metrics. Also, compared with the latest V-PCC reference model, the proposed PWRDO-based V-PCC scheme achieves an average bit rate reduction of 13.52%, 8.16%, 10.56% and 9.54%, respectively, in terms of four objective visual quality metrics for point clouds. It is significantly superior to the state-of-the-art coding algorithms. The computational complexity of the proposed PWRDO increases by 1.71% and 0.05% on average to the V-PCC encoder and decoder, respectively, which is negligible. The source codes of the PPCM and PWRDO schemes are available at https://github.com/VVCodec/PPCM-PWRDO.
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