Not so much what format you can make, as what format your web browser can handle.
Comparisons - standard lenna 512x512 RGB all very similar quality.
png - 473 KB
jpeg (90 quality) - 106 KB
jp2 -fixed size - 80 KB
heif (50 quality) - 37 KB
What is that last one, heif? Latest and greatest format, although you might have to use linux gimp 2.10 until the Windows plugin is fixed
Quote:
GIMP 2.10.2 release highlights:
Add HEIF image format support both for loading and export
Spherize filter to wrap an image around a spherical cap.....
However, does it matter when say Firefox will only open png's and jpg's