WAV stores audio uncompressed: a minute of CD-quality stereo takes about 10 MB. That is ideal for recording and editing, but too big to email, upload to most sites or keep hundreds of on a phone. MP3 throws away sounds the ear is least likely to notice and keeps the rest. At 192 kbps an MP3 is roughly one-seventh the size of a 16-bit, 44.1 kHz stereo WAV; at 128 kbps about one-eleventh.
This tool reads the WAV file directly in your browser (8, 16, 24 and 32-bit PCM and 32 or 64-bit float, mono, stereo or multichannel), then encodes it with the LAME MP3 encoder in a background thread. WAV files in rarer codecs such as ADPCM are decoded by the browser or, if needed, by an ffmpeg audio engine that downloads once.
Honest limits: MP3 supports sample rates up to 48 kHz, so 88.2, 96 or 192 kHz recordings are resampled to 48 kHz. Surround WAV files are mixed down to stereo. Very long WAV files (over about an hour) need a lot of memory and may fail on phones; use a computer for those.