New Image Format- AVIF
It turns out there is a new (one more!) image format that some Web browsers (Starting Chrome85 and FF) will start supporting.
From the blog post (link below)
AVIF is alternative to JPEG / PNG / WebP / GIF, has better compression efficiency and has wider feature support compared to these formats. AVIF is designed to supersede JPEG and other established formats.
In the meantime, Safari is yet to support Webp.