The WebP image format is designed for efficient compression and fast loading of web images. Developed by Google, WebP supports both lossy and lossless compression, providing flexibility in balancing file size and image quality. It excels in achieving smaller file sizes compared to JPEG and PNG without compromising visual fidelity, making it a popular choice for web developers aiming to optimize page load times. WebP also supports transparency and animation, further enhancing its versatility for various web-based applications.