WebP is a image format created by Google that compresses images for the web 25-35% smaller than JPG/ PNG with virtually no visible difference. Page speed is one major factors of your SEO Performance. Images make up a major part of a websites payload.
Basically, it is possible to drastically reduce your server load, speed up your website, increase your SEO rating by serving WebP images over JPG/PNG.
Precompiled WebP Conversion Tool From Google
Plugin Allows you to convert your images to WebP in Photoshop. You can use the Auto
Short Pixel allows you to convert your WordPress images on the fly. 100 images/ Month Free. Monthly and Pay As You Go Plans Available.
Use Node JS to process images to WebP. You need to download and Install Node.JS.
Use Imagemin Node package to convert JPG/PNG to WebP