WebP is a modern image format developed by Google that provides superior compression for images on the web. It supports both lossy and lossless compression, allowing for smaller file sizes without significant loss of quality compared to traditional formats like JPEG and PNG. WebP also supports transparency (alpha channel) and animation, making it a versatile choice for web developers aiming to optimize website performance and loading times. Most major browsers now support WebP, making it an increasingly popular option for delivering fast, high-quality visuals online.