I recently switched to wayland, and now my ffmpeg screen recording script no longer works, as it depends on x11.
To my surprise, screen recording on wayland is easier!

Thanks to wf-recorder, this is all you need:

wf-recorder -Dyf ~/output.mkv

-y skips the confirmation check to overwrite the file, -D only grabs more frames if anything changed on the screen, in theory reducing filesize.
Pass -a if you wanna record audio. There are also other useful flags: one of them lets you pick a section of the screen to record, using slurp.

Now all you need to do to record a video, is run that command, and press ctrl+c on it once you finish recording.
Through some magic I won't bother to explain, I have it on a hotkey as a toggle.

However!
The #1 place I'll be sending screen recordings to is discord, which has a 10mb size limit without a subscription.

This is why I compress the video after, with ffmpeg:

wf-recorder -Dyf ~/i/s/original.mkv
ffmpeg -y -i ~/i/s/original.mkv -c:v libx264 -preset slow -crf 21 -b:v 2M -maxrate 3M -bufsize 4M -c:a aac -b:a 96k -movflags +faststart ~/i/s/compressed.mp4

This greatly reduces the size, while not being that huge of a difference in quality. Take a look!

Original, at 19mb:

Compressed, at 2.5mb:

You probably can tell a difference between the two, but I wouldn't say that it's staggering. The size difference is staggering, though!
The compressed version, in this case, is 8 times smaller! Much easier to fit into the tight limits of discord.

Thanks to how I wrote it, the original file is kept too!
So if I'm not restricted by size, I can choose to send the original.
The recording is also automatically copyled, letting me immediately ctrl+v it wherever I want! :3