My understanding after reading The NFT Handbook and doing my own research is that yes TOKENS are proof you agreed and participated in the smart contract; ER 721 Erc20 etc.. and the line of code you now claim and are holdings in your “wallet” point to this smart contract in a blockchain-Level 2 ETH project or even Level 3 BUT the asset, at least in digital art does not live on the blockchain.

Basically as in web 2 you point to digital assets that live on servers dedicated for those assets.

My concern is misrepresentation. All the shilling going on is not being completely transparent and many will get spanked.

In the end people MUST read and learn what they are getting into.

Respect Peace Forward😊