Blockchain fundamentals
NFT metadata: where the image and its description actually live
Token ownership, media storage and licence rights are different records.
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Follow the URI
An NFT can expose a metadata URI that points to a document describing its name, image and attributes. That document may reference another URL for the media. Depending on the implementation, these resources can be stored on ordinary servers, content-addressed networks or within onchain data.
An HTTP address can serve changed content later. A content hash can identify particular bytes, but somebody must continue making those bytes retrievable. A token remaining transferable does not guarantee that its original picture or associated website remains available.
The owner of the token is not automatically the copyright owner
ERC-721 supplies a token interface. It does not itself grant commercial rights, enforce an artist's royalty on every possible venue or guarantee delivery of a promised game. Those claims need their own terms and implementation.
When documenting a collection, preserve the contract, token ID, metadata response, media hash and applicable licence at a stated time. The 2021 market explains why the distinction became economically important. Evidence snapshots explain how to record content before the issuer changes or removes it.