WebP format will load faster and consume less cellular data. Anyone can work with the format and suggest improvements in WebP open source.
In <picture>
attribute <source>
can be used to load alternative image file formats that might not be supported in all browsers. For example, you can serve an image in WebP format to browsers that support it, while falling back to a JPEG on other browsers:
<picture>
<source type="image/webp" srcset="images/verz.webp">
<img src="images/banner.jpg" alt="Banner Image" width="100" height="100">
</picture>
Note: The element is currently available Chrome 38. Try it out with screen emulation in the Chrome DevTools. As per Google, WebP is supported in Chrome and Opera and provides better lossy and lossless compression for images on the web. WebP does not support all browsers. For other browsers, You'll need to serve a fallback PNG or JPEG image.
If your website is in WordPress. Use plugins that will automatically convert your uploaded images to the optimal formats.