You will definitely come across WebP when doing speed optimisation for your website. So, the first thing you might want to learn about is Magento 2 WebP Image support.
But let's start with the basics.
What is WebP?
WebP is a modern file format created by Google and supported by a variety of browsers. This file is known for being smaller in size than regular PNG, JPEG, or GIF files. That's why it becomes more popular across eCommerce websites, Magento in particular.
Since you may treat WebP as another image conversion method, you would most likely want to convert your images and upload WebP to Magento directly.
But there is something you should know.
Does Magento Support WebP Images?
No. Magento does not support WebP images directly uploaded to the admin panel. If you try uploading images in WebP format to Magento, you will get the Disallowed file type error, and the file won't upload.

At this stage, you might be confused as to why Magento doesn't allow you to upload WebP images to the admin. But it actually benefits you.
Do You Need Magento to Support WebP Upload?
Magento doesn't support WebP images upload directly to the admin to avoid a bad user experience. While WebP is supported by a lot of browsers, some older versions of them provide partial or no WebP support.
So imagine people coming from those browsers that don't support WebP. Instead of beautiful and high-quality images, they see nothing and are forced to leave irritated. Magento prevents that.

How to Add WebP Support to Magento?
Perhaps Magento will start supporting WebP once 100% of browsers are fully compatible with the WebP format.
But for now, you should add WebP support youseslf using one of two method. Both include .
Upload WebP image to the admin
Once you install the Magefan WebP converter, it enables WebP support automatically. It means you can upload WebP images directly to the admin.

Example of WebP images uploaded to Magento admin through Magefan WebP
Note: once you upload a WebP image, only this format will be visible on the frontend. So, if someone from non-WebP browsers comes to your store, they won't see any images.
That's what Magento initially wants to prevent. So consider automatic conversion.
Convert image to WebP automatically
Automatic WebP conversion gives you more control over quality, the number of images that are converted, and updates.
Magefan WebP tool comes with 4 different conversion methods. Choose one that works best for you (we suggest page load & cron) and let Magefan do the rest.

A graph that shows images converted to WebP through different mehods
Note: if you want to change the image quality to reduce the size even more at some point, just clear the WebP cache and start over.
No need to reupload WebP copies over and over again. Just configure Magento WebP Extension and convert images automatically.