WebP is the new image format introduced by Google.
We have been using jpg and png images on our website depending on the need as each format has its own advantages and disadvantages.
Why was there a need for another image format ?
Site load speed is one of the important factor for us to get more visitors and images are the main reason for the site to load slower. So there is constant search to make better quality images without increasing the size.
So WebP is an answer to that search from Google. WebP is expected to give you the same quality at a size which is roughly around 40% lesser than the regular image size. Soon this will become the preferred image format for many web and mobile site developers.
At the time of writing this post, WordPress does not support this format directly, but you can use plugins like WebP Convert Library to use WebP in your WordPress sites.
You can also look at the Google Gallery to check the performance of WebP by yourself.
Please feel free to comment or discuss about WebP format and also share your experience of using the same.