WebP is a modern image format that provides superior lossless and lossy compression for images on the web. Using WebP, webmasters and web developers can create smaller, richer images that make the web faster.

For more information about WebP, refer https://developers.google.com/speed/webp

This extension uses this webp compression technique for your images without modifying any entries in your database or rewriting any core files or updating any existing images. The extension converts the JPEG or PNG images that are already cached by the system.

When an image is loaded in the store-front, the extension script first checks of the webp format image is already available. If the webp format image is already available or generated, the webp format of the image is loaded and thereby you can notice the load speed improvement. If the image is not available already, it generates the webp image.