The full form of VP8 is VPx-based codec

VP8 is an open and royalty-free video compression format created by On2 Technologies as a successor to VP7 and owned by Google from 2010.

In May 2010, after the purchase of On2 Technologies, Google provided an irrevocable patent promise on its patents for implementing the VP8 format, and released a specification of the format under the Creative Commons Attribution 3.0 license. That same year, Google also released libvpx, the reference implementation of VP8, under the revised BSD license.

Opera, Firefox, Chrome, and Chromium support playing VP8 video in HTML5 video tag. Internet Explorer officially supports VP8 with a separate codec. According to Google VP8 is mainly used in connection with WebRTC and as a format for short looped animations, as a replacement for the Graphics Interchange Format (GIF).

VP8 can be multiplexed into the Matroska-based container format WebM along with Vorbis and Opus audio. The image format WebP is based on VP8’s intra-frame coding. VP8’s direct successor, VP9, and the emerging royalty-free internet video format AV1 from the Alliance for Open Media (AOMedia) are based on VP8

see also What does VP9 mean? What is the full form of VP9?