About PNG and AVIF
PNG is lossless with full alpha support. Screenshots, UI assets, and anything with sharp edges or text stay pixel-perfect — the tradeoff is large files for photographs.
AVIF is the newest of the four, built on the AV1 codec. It usually produces the smallest files, handles transparency and wide color, and is supported by all modern browsers — encoding just takes longer.
Converting PNG to AVIF is lossy — use the quality slider to trade file size against fidelity. Files are converted on the fly and never stored.