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JPG (or JPEG, which stands for Joint Photographic Experts Group) is a widely used image file format, particularly suitable for photography and web images. It is named after its creators, the Joint Photographic Experts Group. JPG is very popular because it supports high levels of compression, which significantly reduces file size without too much loss in visual quality, making it especially useful for web transmission and storage.
PNG, which stands for Portable Network Graphics, is a raster graphics file format that was created as an improved, non-patented replacement for GIF. It was first developed in the mid-1990s as a response to the limitations of the GIF format, primarily its color palette restrictions and the patent issues surrounding the compression technique GIF used at the time.