This guide explains how to change the default format for saving screenshots on the PlayStation 4. When taking screenshots, users can now switch from the default JPEG format to PNG (Portable Network Graphics) which is a lossless compression file format— it's the preferred image format for web images containing text, graphics, and transparency. This procedure requires that you first update your console to the v3.00.
Change Default Image Format for Screenshots on PS4
Tap on the Share button of the DualShock 4 controller > Share Settings > Screenshot Settings > Image Format > PNG.