One of the upcoming technologies we’re really excited about is the AV1 (.avif) image file format. It’s basically a super-compressed image type. Netflix has already considered .avif superior to the JPEG, PNG, and even the newer WebP image formats for its image quality to compressed file size ratio.
AVIF is supposed to land in Chrome 85 and Firefox 80 on August 25, 2020; so we should start developing for it today!
https://reachlightspeed.com/blog/using-the-new-high-performance-avif-image-format-on-the-web-today/
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