It could be. I don't know about the ERC for NFTs and I can't be bothered to read it, but in theory just store the IPFS address for the image. In reality though

It could be. I don't know about the ERC for NFTs and I can't be bothered to read it, but in theory just store the IPFS address for the image. In reality though it is an implementation detail. An NFT is just a coloured coin, and derives it's value from someone else thinking they can buy it and sell it on to someone else / OR some kind of bragging rights value, i.e. I can afford $100k on X useless thing (e.g. watch, gold plated iPhone etc.) so therefore I am rich.