WebP pronounced as "weppy" is a new image format for web by Google that gives you a file size reduction by an average of 39.8% percent, without affecting its quality. To make Internet more faster and loading pages in lesser time, Google plans use this new image format. As 65 % of web traffic comprises of images, WebP can potentially make the web faster.The WebP format works with Google's Chrome browser. And since it is an open-source project, others would be able to provide compatibility to this format without having to pay a fee.
Visit Google gallery page that puts JPEGs and converted WebP sample images side by side to compare.
Read more about this image format in Richard Rabbat blog
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