Comment by DiabloD3

Its not a next gen image format, though. Using single frame H264/H265/AV1 MP4s is the next gen image format that is already being used. This is what HEIF is (HEIC is H265 in HEIF, AVIF is AV1 in HEIF, AVCI is H264 in HEIF, etc). I can already do HDR with these, and several phone camera apps (such as Apple's stock one) can save an HDR photo as HDR in that format.