The picture element can be used with the format-<type> image operation to specify different image formats and let the browser choose the one it prefers. For example:
{% load wagtailimages_tags %}
<picture>
    {% image myimage width-1000 format-webp as image_webp %}
    <source srcset="{{ image_webp.url }}" type="image/webp">
    {% image myimage width-1000 format-png as image_png %}
    <source srcset="{{ image_png.url }}" type="image/png">
    {% image myimage width-1000 format-png %}
</picture>
 By default all bmp and webp images are converted to the png format when no image output format is given.
The default conversion mapping can be changed by setting the WAGTAILIMAGES_FORMAT_CONVERSIONS to a dictionary which maps the input type to an output type.
For example:
    WAGTAILIMAGES_FORMAT_CONVERSIONS = {
        'bmp': 'jpeg',
        'webp': 'webp',
    }
 will convert bmp images to jpeg and disable the default webp to png conversion.
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Licensed under the BSD License.
    https://docs.wagtail.org/en/stable/advanced_topics/images/image_file_formats.html