[Igelau]

> If I understand correctly

The funny thing about NFTs. The emperor has no clothes. Confusion is evidence of understanding -- there's that little substance. No Fscking Thing.

> a note posted on a wall somewhere that said “You own Andy Warhol’s Marilyn Monroe”

It's basically a pointer. It's not hard to scrounge the sites that track the ETH blockchain, find where a NFT changed hands, and then find the URI for the full res image that anyone can go download. All that's owned is the pointer.

[Thlom]

Does the GIF reside on the blockchain or is it hosted on whatever webserver? What if the webserver is shutdown? Now you "own" a pointer to nothing?

[user-the-name]

It is hosted on some random webserver or on IPFS. If either goes away, it's gone.