JPEG XL is a new royalty-free format by the JPEG Group that excels at doing {near-,visually,mathematically}lossless compression. Compared to video-inspired codecs like WebP and AVIF, it claims to preserve photographic texture better. It works well for photographs and synthetic images alike, so it may as well become some sort of universal format for Commons.
The bitstream is frozen on December 25, 2020. ImageMagick already has RW support by delegating to the reference implementation library (Apache License 2.0).
https://www.mediawiki.org/wiki/Manual:Adding_support_for_new_filetypes