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Better Compression: WebP typically provides better compression than PNG, resulting in smaller file sizes. Smaller image sizes lead to faster loading times, reduced bandwidth usage, and improved website performance.

Support for Lossless and Lossy Compression: WebP supports both lossless and lossy compression, similar to PNG. It allows you to choose between preserving all image details (lossless) or achieving higher compression at the cost of some image quality (lossy).

Improved Image Quality: In many cases, WebP files can achieve better image quality at the same file size as PNG, especially when using lossy compression. This means you can have smaller files without sacrificing too much visual quality.

Alpha Channel Transparency: Like PNG, WebP supports alpha channel transparency, allowing images with transparent backgrounds or semi-transparent elements to be displayed without any issues.

Animation Support: WebP supports animation, similar to GIF, but with better compression and quality. This is not a feature offered by PNG.

Browser Compatibility: WebP is supported by most modern web browsers, including Google Chrome, Opera, Microsoft Edge, and newer versions of Mozilla Firefox. This widespread support makes it a viable option for web development.

Google's Push for WebP: Given that Google developed WebP, the company has been actively promoting its use as part of its efforts to improve web performance and speed.
WebP is more or less superseded by AVIF, but it doesn’t have perfect browser support yet. Also the GD library in PHP doesn’t support AVIF but it does appear to support WebP.

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