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AVIF (AV1 Image File Format) is a cutting-edge image file format developed by the Alliance for Open Media, utilizing the AV1 video codec for highly efficient image compression. It supports a wide range of features including high dynamic range, wide color gamut, and 8-10 bit color depth, all while achieving significantly smaller file sizes compared to traditional formats like JPEG and PNG, though it may not be as widely supported across all platforms and software yet.

JPG (or JPEG) is one of the most widely used image file formats, favored for its efficient lossy compression algorithm that significantly reduces file size while maintaining a high image quality. It is commonly used for photographs and web graphics; however, the lossy nature of its compression means that some image quality is sacrificed, and this loss can be exacerbated with repeated editing and saving. JPG files support 24-bit color, allowing for a broad spectrum of colors, but they do not support transparent backgrounds.