How to use texture baking?

Rendering to texture, or "texture baking,” allows you to create texture maps based on an object's appearance in the rendered scene. The textures are then “baked” into the object: That is, they become part of the object via mapping, and can be used to display the textured object rapidly on Direct3D devices such as graphics display cards or game engines.

Source: Rendering to Texture at Autodesk Knowledge Network

Texture baking is supported in post-1.3 versions of Corona. It can be enabled in 3ds Max by going to Rendering > Render To Texture... (default shortcut 0).

Adaptivity, denoising, and color mapping are applied when baking textures.

Note: using the projection modifier is not yet supported. It is planned for the 1.8 release.