Unsupported image type. GD/PHP installation does not support WebP format

On my laravel project I need to use webp format images (For boosting page speed). But laravel shows an exception "Unsupported image type. GD/PHP installation does not support WebP format.". Is there any fix?

Error occurring page : vendor/intervention/image/src/Intervention/Image/Gd/Decoder.php:51

via Chebli Mohamed