WebP is an image format developed by Google that provides both lossy and lossless compression methods, designed to produce smaller file sizes without significantly compromising image quality. It supports transparency (alpha channel) and animation, making it versatile for web use. WebP is optimized for web graphics, aiming to improve loading times and reduce bandwidth usage compared to traditional formats like JPEG and PNG. It achieves this by using advanced compression techniques that take advantage of human visual perception. WebP is widely supported in modern web browsers, making it a popular choice for web developers looking to enhance the performance of websites and applications.