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WebP is a modern image format that provides superior lossless and lossy compression for images on the web. Developed by Google, it was first announced in 2010 as a new open standard for image files. The main goal of WebP is to create smaller, richer images that make the web faster.
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.