The AVIF (AV1 Image File Format) format is for storing images compressed with AV1 in HEIF file format. AVIF files have an extension of .avif. The first version of the AVIF was completed in February 2019. Among its features are High Dynamic Range (HDR), support for 8, 10, and 12 color depths, support for any color space (ISO/IEC CICP and ICC profiles, wide color gamut, etc.). Support for the AVIF file format is increasing. It was announced on December 14, 2018, that Netflix published the first AVIF images. With the 19H1 release of Windows 10, Microsoft also added support for it. Since September 2019 and August 2020, Paint.net provides support for opening and saving AVIF files. Browsers are also adding support for AVIF. Google Chrome added support for AVIF in August 2020, and Mozilla Firefox is currently working on adding support. On December 3, 2020, Cloudflare announced that it would support the AVIF standard.
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In the Photoshop Feedback Forum, a thread asking for AVIF support has been active since September 2020. Given the widespread support of AVIF in modern web browsers, the need to include AVIF as a save as or export to option would be beneficial. Suppose you are still using Photoshop as your primary graphic editor (even to create simple websites). In that case, this will become increasingly important as JPGs are phased out. Unfortunately, Photoshop does not currently support AVIF. Adobe has not specified whether or when Photoshop will support AVIF.
This comes to a surprise as Adobe is an active member of the Alliance for Open Media, which developed the AV1 video codec and the AVIF format that derived from it. This however leads us to the estimation that AVIF will be supported in the near future.