What you can do is.
Step 1. Install sorl-thumbnail and add it to settings.py
pip install sorl-thumbnail 
./manage.py migrate
Step 2. Install sorl-thumbnail-serializer-field
pip install sorl-thumbnail-serializer-field
Add it to settings.py. Sample usage as stated in documentation (https://github.com/dessibelle/sorl-thumbnail-serializer-field)
class TestModelSerializer(serializers.HyperlinkedModelSerializer):
    class Meta:
        model = TestModel
    # A thumbnail image, sorl options and read-only
    thumbnail = HyperlinkedSorlImageField(
        '128x128',
        options={"crop": "center"},
        source='image',
        read_only=True
    )
    # A larger version of the image, allows writing
    image = HyperlinkedSorlImageField('1024')
Django 3.0 compatibility has not been updated yet for sorl-thumbnail. So in case of django 3.0 at the present time. 
pip install -e git+git://github.com/jazzband/sorl-thumbnail@4fe1854#egg=sorl-thumbnail