WebP image compression
WebP is a newer image format than the standard JPEG encoding, and you can enable it on your website from the "settings" section of your admin area.
WebP is supported by every major browser, and allows for smaller file sizes (meaning faster websites, a better experience for your visitors, and better SEO) and increased average image quality.
It can, however, cause decreases in image quality around darker areas of images with subtle gradients, which is the reason it isn't enabled by default. We feel that JPEG is still the better default.
If you do enable WebP on your site, be sure to check out the images on your website to make sure it works well for your style of imagery.
More info about WebP at Google.com
What about AVIF?
AVIF is an even newer image format, but tends cause too much of a degrade in image quality for us to suggest its use with portfolios. AVIF works great for websites that don't need extremely high-quality images, but that's not our thing.