JPG is an abbreviation for JPEG (Joint Photographic Experts Group), abbreviated to three letters, as it is more common with file extensions. The Joint Photographic Experts Group is an association of companies and research institutes that created this standard.
JPG has both advantages and disadvantages. The main advantage of the JPG format is that it allows you to compress the image, significantly reducing the file size. Compression works differently depending on the depicted object and can sometimes lead to loss of image quality. However, at the moment, the JPG format also allows the use of lossless compression (lossless JPG).
The JPG format is widely used and is currently one of the most common image formats used on the Internet, being the generally accepted global standard.