When saving images on the computer, there are different image file formats that are used, such as WEBP, RAW, GIF, BMP, JPEG, PNG, etc. The main difference between all these image file formats lies in the fact they are supported by different media applications.
As for PNG or portable network graphics, there are two main subtypes of this image file format i.e., PNG-8 and PNG-24. One of the major differences between the two is that PNG-8 can only be used to save 8-bit colors, whereas the other is used to save 24-bit colors. As a result of this, the maximum number of colors that can be saved using PNG-8 is 256. In contrast, the maximum number of colors that can be saved using PNG-24 is approximately 16 million. This is the reason why PNG-8 is used to store small images while the other is used mostly for detailed graphics.