In a past NFT discussion an HN'er commented that "NFTs are the world's most convoluted and expensive way to store a bookmark."[0] But it is plausible to store

In a past NFT discussion an HN'er commented that "NFTs are the world's most convoluted and expensive way to store a bookmark."[0] But it is plausible to store low-resoltion low-color-depth bitmap "art" like a cryptopunk on a blockchain. Based on the image in the tweet, the cost of a raw encoding may be 24x24x3 = 1728 bits which would cost 1728/256 * (20000gas * $0.0018) = ~$243USD on the Ethereum blockchain which isn't all that expensive if the NFT gains traction.[1] Can someone confirm. Does a cryptopunk's complete image data exist on the blockchain ? Perhaps that partly explains why it gets higher valuations than other arguably more creative art projects. [0] https://news.ycombinator.com/item?id=29845208 https://news.ycombinator.com/item?id=29845208 [1]https://ethereum.stackexchange.com/questions/872 https://ethereum.stackexchange.com/questions/872