Lossy compression is supported by the AVIF format, allowing you to reduce the size of files significantly. Encoding lossy compression results in some loss of data, reducing the quality of an image. However, you can specify the amount of loss you are willing to accept with the AVIF format.
Is AVIF lossy?
Primary sources1. AVIF - The Full Guide and FAQ2. AVIF AOMedia Specification3. AVIF Wikipedia4. Jake Archibald Article5. AVIF Netflix article