WebP
A modern image format developed by Google that provides superior lossy and lossless compression compared to JPEG and PNG.
WebP typically produces files 25-35% smaller than JPEG at equivalent visual quality, and 26% smaller than PNG for lossless compression. It supports both lossy and lossless modes, transparency with alpha channels, and animation. Major web browsers including Chrome, Firefox, Safari, and Edge support WebP, making it the preferred format for web performance optimization. Sites serving WebP instead of JPEG improve page load times and Core Web Vitals scores. The format uses predictive coding to encode each pixel based on surrounding values, achieving better compression than JPEG's block-based discrete cosine transform. Magic Eraser uses WebP for optimized OG images and web-served content to minimize load times while maintaining visual quality.