Squoosh the image compression tool made by Chrome released a major update this week. There are now new codecs in the app as it now supports OxiPNG, MozJPEG, WebP, and AVIF codecs. This format only is supported in Chrome and Opera right now but if you wanted to experiment with it this is the easiest way to convert your images.
Squoosh also has a command-line tool for batch processing. I know this is going to be helpful for a lot of projects as I know I have been using the picture tag a lot lately to load all these different formats and now almost why not try out this new AVIF format while we are at it.
The full announcement from the team can be read here https://web.dev/squoosh-v2/