Settings - Next-gen Images Support
WebP and AVIF images are the next generations of image formats, specially designed for the web. WebP images are 26% smaller in size compared to PNGs and 25-34% smaller than comparable JPEG images, while AVIF promises images 50% smaller than JPG, and still keeping the same image quality.
Being a newer format, AVIF is less supported by browsers, so you should take it into account when enabling these options.
We recommend you activate at least WebP (which is supported by almost all browsers) to benefit from less page weight and better SEO results unless you know you will have some compatibility issues.
To learn more about WebP and AVIF, check out the following articles: