WEBPRaster Web Image File Format
WebP, introduced by Google, is a modern raster web image file format that is based on lossless and lossy compression. It provides same image quality while considerably reducing the image size. Since most of the web pages use images as effective representation of data, the use of WebP images in web pages results in faster loading of web pages.
PNGPortable Network Graphic
PNG, Portable Network Graphics, refers to a type of raster image file format that use loseless compression. This file format was created as a replacement of Graphics Interchange Format (GIF) and has no copyright limitations. However, PNG file format does not support animations. PNG file format supports loseless image compression that makes it popular among its users. With the passage of time, PNG has evolved as one of the mostly used image file format.